China's merchandise trade surplus in US dollar terms was $96.18 billion in April, below the level of $102.64 billion recorded in March but well above the level of $72.04 billion recorded in April 2024. Exports rose 8.1 percent on the year in April after increasing 12.4 percent previously, while imports rose 0.8 percent on the year, rebounding from a previous decline of 4.3 percent. These data cover the immediate weeks after the escalation of global trade tensions in early April. Although today's data suggest a limited impact on trade flows so far, PMI survey respondents have reported weaker conditions and sentiment in April.

The China RPI and the RPI-P were both unchanged at plus 23, indicating that recent Chinese data in sum are coming in above consensus forecasts.

The Merchandise Trade Balance is the difference in value between imported and exported goods. Data are denominated both in U.S. dollars and renminbi. A positive number indicates a surplus meaning that more goods were exported than imported.

Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they also affect currency values in foreign exchange markets. However, the foreign exchange impact is muted here given that the currency is pegged to a basket of currencies and its value is determined daily by the government.

China's growth stems from its exports to the industrialized world. And in turn, global growth is dependent upon Chinese growth, especially since the financial woes of 2008.

Merchandise trade statistics are compiled and published by Customs General Administration (CGA) on a monthly basis. Preliminary estimates are available about 13 days after the reference month with details available within 25 days. Since 1980, the compilation of Customs statistics follows the concepts and definitions of the International Merchandise Trade Statistics: Concepts and Definitions. Data are released for total imports and exports in the Chinese currency and the U.S. dollar. There are five main categories each for primary and manufactured goods. Detailed information is available by category, destination country, foreign enterprises and domestic region to name a few. Geographically, the data covers the customs territory of the mainland China and excludes Hong Kong, Macao and Taiwan.