China’s Feb trade data (CNY): Surplus expands unexpectedly on massive exports surge

China's trade balance for February, in Yuan terms, came in at CNY +224.9 bn vs -68.9 bn expected and +135.8 bn last. Exports came at +36.2% y/y vs +7.4% expected and +6% last, while imports were -0.2% y/y vs +1.2% expected and +30.2% last.

Key Details:

January + February trade balance is 362.2bn Yuan

January + February exports +18% y/y Yuan terms 

January + February imports +15.2% Yuan terms