China reported that its dollar-denominated exports and imports both fell from a year ago in March, but they were better than what economists had expected. China's exports fell 6.6% in March from a year ago, while imports slipped 0.9% in the same month, data from the General Administration of Customs showed on Tuesday. Economists polled by Reuters had expected exports from China to fall 14% in March from a year ago, while imports were projected to fall 9.5% over the same period. The country's March trade surplus was $19.9 billion, as compared with the $18.55 billion that economists polled by Reuters had expected.

Earlier this year, China reported combined trade data for the months of January and February. Over the two months, exports fell 17.2% from a year ago while imports fell 4% as the coronavirus outbreak put the brakes on the world's second largest economy. China's trade surplus with the U.S. narrowed to $15.32 billion in March from $25.37 billion in January and February, according to Reuters calculations. The China-U.S. phase one trade agreement is gradually being implemented, said Li Kuiwen, spokesperson for the General Administration of Customs, according to a CNBC translation of his Mandarin-language remarks at a press conference.