China’s March trade surplus soars past expectations, Beijing data show – CNBC

Workers manufacture cotton yarn at a factory in Dali county, Shaanxi province, China.

Nelson Ching | Bloomberg | Getty Images

Workers manufacture cotton yarn at a factory in Dali county, Shaanxi province, China.

China’s exports for the month of March came in much higher than expected, while its imports came in much lower than expected, according to customs data released on Friday.

International Monetary Fund this week cutting its forecast for global economic growth for 2019 to 3.3 percent, from 3.5 percent. However, it upgraded its 2019 growth forecast for China in a Tuesday report, citing Beijing’s efforts to support the economy and an improved outlook for the Asian giant’s tariff fight with the U.S.

The IMF said in its latest World Economic Outlook report that China is projected to grow by 6.3 percent this year, higher than the fund’s previous forecast of 6.2 percent.

Meanwhile, hopes are high that the U.S. and China could be close to a trade deal, with Treasury Secretary Steven Mnuchin telling CNBC that Washington and Beijing have “pretty much agreed on an enforcement mechanism” for when a deal is struck.

— Reuters and CNBC’s Yen Nee Lee and Eustance Huang contributed to this report.

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