JPMorgan Econ FI-China Strong growth in Jan-Feb exports Expect steady growth...-106907864

JPMORGANAsiaPacificEconomicResearch07March2024China:StronggrowthinJan-FebexportsExpectsteadygrowthtrendinexportactivitythisyear•China’sJan-Febmerchandiseexports(inUSDterms)cameinsignificantlyEmergingMarketsAsia,EconomicandPolicyResearchaboveexpectations,growing7.1%oya,orrisingbyaverage7.5%m/msaGraceNgcomparedtotheDecemberlevel.Nominalimportscameinmoderatelyaboveexpectations,growing3.5%oyainJan-Feb,orrising1.6%m/msafromthe(852)2800-7002Decemberlevel.ThecombinedJan-FebtradesurpluscameinatUS$125.2bn.grace.h.ng@jpmorgan.com•Byproductbreakdown,exportsoflow-endconsumergoodscontinuedtoHaibinZhuoutperform,showingaverageincreaseof11.5%m/msainJan-Feb.(852)2800-7039Meanwhile,exportsofexportsofhigh-techexportsrosebyaverage3.5%m/mhaibin.zhu@jpmorgan.comsa.TingtingGe•Bymajormarkets,exportstotheEUshowedstronggrowthataverage5.6%(852)2800-0143m/msainJan-Feb,alongwithsolidexportgrowthtotheUS(+3.7%m/msa).tingting.ge@jpmorgan.comRegionaltradealsoshowedstronggrowthpace,asChina’sexportstoASEANrosebyaverage8.0%m/msainJan-Feb,withexportstoTaiwanup8.2%m/mJiYansa.ExportstoLatamandAfricaalsoshowedstronggrowthmomentum.(852)2800-7673•Ontheimportside,processingimportsshowedsignificantgrowthinJan-Feb,ji.yan@jpmorgan.comJPMorganChaseBank,N.A.,HongKongBranchwhilemajorcommodityimports(crudeoil,ironore,copper)showedsomewhatmixedperforman...