The release of March’s trade data out of China is strangely late today, and markets are being confined in isolation in the process.

The trade surplus was expected to widen by 2B vs. 34B previously. But the Chinese market shocked the investors by reporting a 221K billion trade balance. As a whole in Q1, Chinese dollar-denominated exports grew by 1.4% y/y while imports shrank by 4.8% y/y.

• Exports +21.3% vs +14.8% y/y expected
• Imports -1.8% vs -9.6% y/y expected

Stock markets are taking a bullish turn over the news as increasing trade balance reflects the business activity in the market.