In trade with the USA, China's imports from the USA collapsed by -41.2%, while exports to the USA fell by -2.4%. Overall, China's exports rose unexpectedly strongly at the start of the year. Compared to January, exports rose by +9.1% (consensus +3.8%) over the year to the equivalent of USD 217.6 bn. At the same time, imports fell by -1.5% to USD 178.4 bn. However, due to the weeklong Chinese New Year holidays, trade data are not necessarily always reliable.