Chinese exports rebounds 21.8% as external demand rallies hard

ASEAN, US and EU demand grew double-digits.

Here's more from BBVA:

February exports rose by a much stronger-than-expected 21.8% y/y (consensus: 8.1% y/y; BBVA: 14.5% y/y), with improvements across the board geographically. Exports to the US and EU (which together account for around 35% of total exports), rose by 16% y/y and 17% y/y respectively, while exports to ASEAN countries (accounting for 10% of total exports) surged by 28.0% y/y.

On the other hand, imports decreased by -15.2% y/y (consensus: -8.5% y/y; BBVA: -7.5% y/y), bringing the trade surplus to 15.2bn USD in February (consensus: -6.9bn; BBVA: -3.9bn).

Despite the unexpected surge, we remain cautious about the external outlook – February export outturns in Korea and Taiwan were disappointing - and we forecast yearly growth of 10% in 2013, only slightly higher than 8% in 2012.