Analysts at TD Securities note that China's December exports increased by 7.6% YoY (TD 7.6%, market 2.9%), while imports surged by 16.3% YoY (TD 17%, market 9.6%).

• "The trade surplus came in at $46.79bn compared to $38.73bn previously. As we highlighted, positive surprise was supported by firmer trade with Korea, base effects and improving PMI components, particularly export orders.
• The trade surplus with the US was $23.2bn in December, with the rolling 12m surplus narrowing further to $295.4bn, the smallest since July 18, reflecting the impact of tariffs on US-China trade."