Chinese trade data, as was the case in March, has disappointed in April.
The trade surplus, having dipped to $US3.08 billion in March from $US60.6 billion in February, rebounded modestly to $US34.13 billion. While an improvement it was below expectations for an increase to $US39.45 billion.
The internals of the report were yet again underwhelming with exports and imports continuing to decline from levels a year earlier.
Exports, tipped to have increased 2.4% having fallen 15% in the year to March, declined by 6.2%. On the other side of the ledger imports fell 16.1% on year, far worse than the 12% drop expected.
Having been up more than 1% earlier in the session China’s Shanghai Composite, coming off three consecutive declines, has trimmed its gains to 0.8%.