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China’s exports grew less than anticipated last month in renminbi terms, taking its trade surplus to the highest level since January when measured in local-currency terms.

Exports grew 14.3 per cent year on year in April in renminbi terms, down 8 percentage points from their pace in March, according to the General Administration of Customs, and undershooting a median forecast of 16.8 per cent from economists polled by Bloomberg.

Imports slowed as well to growth of 18.6 per cent from 28.6 per cent a month prior, tacking lower against expectations expansion would accelerate to 29.3 per cent.

Those trade flows brought China’s trade balance to Rmb262.3bn, the highest level since January. Stay tuned for more closely-watched trade data in dollar terms.

Copyright The Financial Times Limited 2017. All rights reserved.

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