China trade way above estimates; massive jump in exports

China trade balance numbers for the month of February came much stronger than expected at +$15.25b vs -$6.9b expected and $29.20b. The increase in exports, up 21.8% (YoY) was the main contributor as only a +10.1% increase was expected, with last read-out at +25.0%. Imports fell by 15.2% vs -8.8% and +28.8% prior, also helping to inflate even more the final trade number. The number is significant as there is no appreciation of holiday's distortion.