JPMorgan Econ FI-China December trade activity beat expectations-105887637

JPMORGANAsiaPacificEconomicResearch12January2024China:Decembertradeactivitybeatexpectations•China’smerchandiseexports(inUSDterms)rose2.3%oyainDecember,EmergingMarketsAsia,EconomicandPolicyResearchpartlyonabaseeffect,orup1.0%m/msa.Nominalimportsalsorose0.2%oyaor3.0%m/msa,withthetradesurpluswideningtoUS$75.3bn.GraceNg•Byproductbreakdown,exportsoflow-endconsumergoodsroseasolid(852)2800-7002grace.h.ng@jpmorgan.com2.3%m/msaonholidayconsumergoodsrelateddemand,whilemechanical&electricalproductandhigh-techexportsonlyinchedupby0.6%m/msaandHaibinZhu0.1%,respectively.(852)2800-7039•Bymajormarkets,exportstotheEU(+5.4%m/msa),ASEAN(+4.2%),Koreahaibin.zhu@jpmorgan.com(3.7%)andJapan(3.4%)ledtheexternaldemand,whileexportstotheUS,TingtingGeRussia,andLatamdeclinedmodestly.(852)2800-0143•Majorcommodityimportstrengthresumed,withsolidgainsinimportsofcrudetingting.ge@jpmorgan.comoil,ironoreandsteelproducts,alongwithamodestrecoveryinimportsofJiYanmechanicalandelectricalproductsandhigh-techproducts.(852)2800-7673•China’sexportshavegenerallyheldupbetterthanexpectedin2023,benefitingji.yan@jpmorgan.comJPMorganChaseBank,N.A.,HongKongBranchfromitsdiversificationeffortsacrossmajormarkets(riseinexportstoEMAsia,LatAm,RussiaandAfricapartiallyoffsetsweakerdemandfromG3economies)andbyproductswithrapidexpansioninexportsinnewenergy(solarcel...