3月份中国贸易账转为顺差

The dollar value of China’s exports grew faster than expected in March as import growth moderated from a February spike, restoring a trade surplus after the previous month saw the first deficit since early 2014.

继2月中国进口增速飙升之后，3月进口增速有所减缓，而以美元计的出口增长快于预期，这使得中国贸易账在2月呈现逆差之后在3月转为顺差。今年2月的贸易逆差为2014年初以来的首次。

Exports grew 16.4 per cent year on year in dollar terms in March, according China’s General Administration of Customs. That was well above a median estimate predicting a rise of 4.3 per cent from economists surveyed by Bloomberg and appeared to represent a robust recovery from February’s fall of 1.3 per cent in outbound shipments.

中国海关总署数据显示，3月，以美元计的中国出口额同比增长16.4%。这远远高于彭博社(Bloomberg)对经济学家进行调查得出的增长预测中位数4.3%，较同比下跌1.6%的2月似乎呈现出强有力的复苏。

Imports meanwhile rose 20.3 per cent year-on-year in dollar terms, a far cry from February’s 38.1 per cent but still visibly higher than a median forecast of 15.5 per cent growth.

另一方面，以美元计的进口额同比增长20.3%，远低于2月的38.1%的增幅，但仍明显高于15.5%的预测值中位数。

Those flows produced a trade surplus of $23.9bn after February saw the first deficit in three years, coming close to double a forecast calling for a surplus of $12.5bn.

2月出现3年来首次逆差之后，3月中国实现了239亿美元的贸易顺差，几乎相当于预测值125亿美元的两倍。

The renminbi weakened 0.3 per cent against the greenback over the course of March to Rmb6.8872 per dollar, and the impact of that softening was evident from renminbi-denominated growth figures, which saw exports up 22 per cent and imports up 26.3 per cent from a year earlier. That added up to a surplus of Rmb164.3bn for the month, according to customs.

3月，人民币兑美元汇率下跌0.3%，至1美元兑6.8872元人民币，从以人民币计的进出口增长数据中可以清晰地看出贬值的影响。其中，出口增长22%，进口增长26.3%。这导致3月贸易顺差达到1643亿元人民币（海关总署统计数字）。

While monthly trade figures for January and February tend to be relatively erratic due to the influence of the long lunar new year holiday, the March data are typically viewed as more reliable indicators of the health of China’s trade flows.

春节长假的影响往往导致1月、2月的月度贸易数据不太稳定，而3月数据通常被认为是衡量中国贸易健康状况的更可靠指标。

Quarterly trade flows in renminbi terms were released earlier in the morning without explanation, showing a 31.1 per cent rise in imports and a 14.8 per cent rise in exports for the period.

上午早些时候，中国发布了以人民币计的季度贸易数据，但未进行解读。数据显示，一季度中国进口增长31.1%，出口增长14.8%。