China’s trade data missed across the board in February with imports, exports and trade balance all undershooting market expectations. According to China’s General Administration of Customs, the value of exports tumbled 20.7% from a year earlier (all figures in US dollar terms), a performance in stark contrast to the performance of January when exports jumped by 9.1%. Markets were looking for a smaller decline of 4.8% in February. On the import side of the ledger, values fell by 5.2% from a year earlier, steeper than the 1.5% fall of January and below the 1.4% decline expected by economists. The unusual movements ... (full story)