China: Trade surplus widened to U$54.7b - TDS

Analysts at TDS note that China’s Dec imports disappointed at +4.5%/yr (mkt +15.1%) while exports were buoyant at +10.9% (mkt +10.8%) and so the trade surplus widened to U$54.7b, the largest since Jan 2016. 

Key Quotes

“The seasonal Dec jump in “exports to Hong Kong” was even larger than last year (not exactly transparent). Exports to the EU were buoyant, but they were swamped by those Hong Kong distortions.”