The most impressive part of China's most recent trade data:  18% y/y growth in December exports.  That pushed China's monthly exports up to $75.4 billion, and laid the basis for a $11 billion monthly surplus. 

Why is that so impressive? After all it is well below the 28% growth rate of the entire year, and thus seems to suggest China's export machine is slowing, at least somewhat.

Simple: China's exports last December were very, very high.  The story at the time was that China's exporters accelerated shipments (or at least payments on shipments) to get dollars into the country ahead of an expected revaluation.    So getting nearly 20% growth off the high base of last December is a real achievement.  

One data point: China's December goods exports topped the United States October goods exports.