π¨π³ China's record April surplus masks an ASEAN re-routing play
The day in view
π¨π³ China's record April surplus masks an ASEAN re-routing play
China's April trade surplus hit $84.8bn on record exports of $359.4bn, but the US-China bilateral surplus compressed to $23.1bn as Southeast Asian intermediaries absorb Chinese semi-finished goods. The headline surplus is a routing story.