China's April exports rose 32.3% yoy in dollar terms, well above market expectations of 24.1%, suggesting its trade out-performance could last longer than expected this year, fueled by global fiscal stimulus. This implies a sharp sequential rebound of 9.4% in April vs. -6.6% in March. At the same time, imports soared 43.1% yoy on strong domestic demand and soaring commodity prices, in line with consensus expectations of 44.0%, and the sequential growth moderated to +2.1% sa non-annualized in April (vs. +3.7% in March). The surge in exports led to a bigger-than-expected trade surplus of $42.85 billion, above the $27.7 billion consensus.

Here are the key numbers (USD-denominated):

Exports: 32.3% yoy in April (Bloomberg consensus: +24.1%). March: +30.6% yoy. Sequential growth (seasonally adjusted by GS): +9.4% non-annualized in April vs. -6.6% in March.

Imports: 43.1% yoy in April (Bloomberg consensus: +44.0%). March: +38.1% yoy. Sequential growth (seasonally adjusted by GS): +2.1% non-annualized in April vs. +3.7% in March.

Trade balance: US$+42.9bn NSA (Bloomberg consensus: US$+27.7bn) in April. March average: US$+13.8bn.

RMB-denominated:

Exports: +22.2% yoy in April vs. +20.7% yoy in March.

Imports: +32.2% yoy in April vs. +27.7% yoy in March.