China returned to a modest trade surplus last month after recording a deficit in March. The 87 per cent reduction in the surplus compared with last year could ease some of the pressure on Beijing to appreciate its currency.
The surplus was $1.7bn (€1.3bn, £1.1bn) in April following the surprise deficit of $7.2bn in March, the first month in six years in which imports exceeded exports.
Although the headline figure for exports showed a 30.5 per cent increase over the same month last year, the recent tendency towards a much lower trade surplus could make it harder for other governments to argue that the Chinese currency is substantially undervalued.
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