China exports sharply beat expectations in the first two months as trade surplus surges to highest on record

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China’s trade surplus rose to its highest on record in the combined January-February period, while exports massively beat expectations, underscoring the resilience of the world’s second-largest economy despite trade tensions with the U.S.

China typically combines January and February trade data to smooth distortions from the shifting Lunar New Year holiday.

The trade balance surged to $213.62 billion, compared with expectations of $179.6 billion.

Exports from China rose 21.8% year on year in the combined January-February period, beating the 7.1% growth expected by economists polled by Reuters.