China's new export orders inched higher to 50.9

Even private sector PMI edged up.

According to BBVA, China's official NBS PMI in March was released on April 1, rising to 50.9 (consensus: 50.2) from 50.1 in February.

While slightly below expectations, the outturn was the 6th consecutive month above the critical 50-expansion level and, encouragingly, all sub-components rose except for the input price and raw material inventory indicators.

Here's more from BBVA:

Notably, new export orders jumped to 50.9 from 47.3 previously, reflecting improving external demand. In addition, the private sector HSBC/Markit PMI, covering smaller and exported oriented manufacturers, also rose, to 51.6 in March from 50.4 previously.

We interpret the outturns as consistent with our projection of 8.2% in Q1, and 8.0% for the full year. Elsewhere in the region, March PMIs released yesterday in Korea, Indonesia, Taiwan and Vietnam showed improving trends, although India was a notable disappointment to the downside.

Also, Korean exports for March – the first monthly reading in the region – missed expectations as well (0.4% vs. consensus: 1.8%).

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