China's trade balance returns to record surplus despite a 3% decline in exports

The trade balance in China returned to record a surplus again in March to reach 193 billion yuan, compared to a deficit in February of 43 billion.
Even though the print on the trade balance (yuan dominated) was positive, it was less than expected as the export sector is still weak due to the decline in global demand from the outbreak of the coronavirus, especially in the USA and Europe, Chinas's largest trading partners. This caused exports to decline by 3.5%.
As for the trade balance denominated in US dollars, it also recorded a surplus of $19.9 billion, better than the $19.7 billion expected.