Ray Of Hope In China’s March Trade Figures

March’s trade figures provide the latest crocus report. While exports were down 17.1% from a year earlier, that was a less than expected decline and markedly better than the previous month’s 25.7% year-on-year decline. All of which suggests we may be getting near the nadir of the contraction in world trade. Imports are still falling faster (25.1% in March vs 24.1% in February) so we aren’t quite there yet.