The Day at a Glance | April 13 2021

The Top

*Chinese imports and exports confirm a strong recovery in the global economy after a year of pandemic.

*Inflation in the US increased more than estimated in March (2.6% vs. 2.5% e.).

*Discussions on withdrawing monetary stimuli could start once 75% of the US population has been vaccinated: James Bullard, St. Louis FED.

*Vanessa Ramirez, chief financial officer of PEMEX`s trading arm has resigned.

*Fiscal deficit in the US logs record level: 1.7 trillion dollars in the October-March period.

*US calls for a halt in J&J vaccinations due to blood clotting risks.

Economic environment

Chinese imports and exports grew at a double-digit rate during March. Exports increased 30.6% at an annual rate in the third month of 2021, while imports grew 38.1% annual in the same period. The data shows that the strong boost in Chinese exports was maintained during the month, which is a sign of a firm recovery in global demand. The extraordinary growth responds in good measure to a low base comparison since March was the first month that recorded the start of the pandemic`s effects and the suspension of activities at a global level in 2020. Chinese exports have benefitted from increased demand for medical equipment and technology in order to work during home during the pandemic; and China has been successful in covering some shortages among global productive chains. It`s believed that Chinese exports could see less demand and growth as the pandemic passes. The growth in imports reflected China`s recovery in domestic demand and a rise in prices of raw materials. Towards the end of this week, China`s 1Q21 GDP figure will be made public and is expected to reach a record annual rate of 18.5%.