China's exports growth rebounded to 14.7% in April

But exports to G3 continued to slide.

According to UBS China Economics, China's exports growth rebounded from 10.0%y/y in March to 14.7%y/y in April, notably stronger than the firm's and market expectations (Bloomberg average 9.2%).

Their estimations show that growth of exports volume picked up from 11.0%y/y in March to 22.6%y/y in April.

Here's more from their report:

Exports to G3 continued to decline by 2.9%y/y in April, though less severely compared with -10.2%y/y in March. Meanwhile, exports to ASEAN jumped up remarkably from 11.6%y/y to 37.2%y/y, and exports to Taiwan advanced further to 49.2%y/y in April.

By contrast, exports to Hong Kong moderated from 92.9%y/y in March to 57.2%y/y in April. On the other hand, exports of most major products saw improvement, with some labour-intensive products (textiles, garments & clothing, footwear, etc) receiving notable gains in value terms in April.

Also exports of plastic articles and steel products contributed to the strength.

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