China exports were up 45.7% in February vs. 38.3% consensus and 21% in January. Imports rose 44.7% vs. 38% consensus and 85.5% in January. Trade surplus shrank to $7.6 billion vs. $14.2 billion in January. The consensus was at $7.2 billion.

The trade surplus is shrinking, less imports now could mean less exports in the future.

Chart 1. China Trade Balance, Imports and Exports Growth

Source: Bloomberg