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China exports up 21.8%, imports down 15.2% in Feb
By Wang Yanlin |
March 8, 2013, Friday
|
Online Edition
Online Edition
CHINA'S exports grew strongly in February while imports plunged due to the impact of the Spring Festival holiday, the General Administration of Customs said this morning.
Exports increased 21.8 percent from a year earlier to US$139.3 billion last month, a bit down from a surge of 25 percent in January but much better than the expectations of 15 percent.
However, February's imports dropped 15.2 percent to US$124.1 billion against a jump of 28.8 percent the previous month.
The Customs said that fewer working days in February led to the huge fluctuation in imports. There were only 17 working days last month due to a 7-day Spring Festival holiday.
Zhang Zhiwei, a Nomura economist, said the surprising export growth may be down to capital inflows disguised as trade flows. Exporters may have overstated their exports and understated their imports to move capital into China.
The trade surplus stood at US$15.2 billion in February and US$44.1 billion in the first two months.
China's business with major trading partners increased. Trade with the European Union, China's biggest trading partner, accelerated 3.2 percent in the January-February period. Trade with the United States and ASEAN countries climbed 14.8 percent and 22 percent respectively.
However, China's trade with Japan fell 8.2 percent during the period, the Customs data showed.
Exports increased 21.8 percent from a year earlier to US$139.3 billion last month, a bit down from a surge of 25 percent in January but much better than the expectations of 15 percent.
However, February's imports dropped 15.2 percent to US$124.1 billion against a jump of 28.8 percent the previous month.
The Customs said that fewer working days in February led to the huge fluctuation in imports. There were only 17 working days last month due to a 7-day Spring Festival holiday.
Zhang Zhiwei, a Nomura economist, said the surprising export growth may be down to capital inflows disguised as trade flows. Exporters may have overstated their exports and understated their imports to move capital into China.
The trade surplus stood at US$15.2 billion in February and US$44.1 billion in the first two months.
China's business with major trading partners increased. Trade with the European Union, China's biggest trading partner, accelerated 3.2 percent in the January-February period. Trade with the United States and ASEAN countries climbed 14.8 percent and 22 percent respectively.
However, China's trade with Japan fell 8.2 percent during the period, the Customs data showed.
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