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中国：贸易顺差下滑增加增长风险——ING。中国：贸易顺差下滑增加增长风险——ING

China: Trade surplus slide raises growth risks – ING.China: Trade surplus slide raises growth risks – ING

中国油轮不顾封锁通过海峡。对于市场事件，美国将在下午公布PPI，预计2月份的上行压力将继续。市场预计，由于石油供应冲击带来的成本压力持续存在，PPI将增长1.1%m/m SA，高于2月份已经令人惊讶的0.7%m/m SA的高数据。

Chinese Tanker Passes the Strait Despite Blockade.For market events, the US releases PPI in the afternoon, where the upwards pressure from February is expected to continue. Markets estimate PPI to increase 1.1% m/m SA, an increase from the already surprisingly high February figures of 0.7% m/m SA, as cost pressures from the oil supply shock continues.

随着出口疲软与进口激增，中国贸易信号出现分歧。中国3月份的贸易数据显示，在大宗商品市场动荡的情况下，出口放缓，进口激增，出现了急剧分化。出口同比增长2.5%，低于此前的强势，远低于8.6%的预期，创下五个月新低。

China Trade Signals Diverge as Weak Exports Meet Import Boom.China's trade data showed a sharp divergence in March, with exports slowing while imports surged amid volatile commodity markets. Exports rose 2.5% yoy, down from prior strength and well below expectations of 8.6%, marking a five-month low.

中国3月贸易平衡：在进口激增的情况下，顺差急剧萎缩。中国3月贸易平衡：在进口激增的情况下，顺差急剧萎缩

China's March Trade Balance: Surplus shrinks sharply amid massive Import surges.China's March Trade Balance: Surplus shrinks sharply amid massive Import surges