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China's exports soar 45% in February
By Wang Yanlin |
March 10, 2010, Wednesday
|
Online Edition
Online Edition
CHINA'S exports surged more than expected in February, while imports continued a strong growth after the global economy showed signs of recovery amid robust domestic demand.
However, China should prepare for increasing pressure to appreciate the yuan and more trade disputes after exports rebound, analysts said.
China's exports jumped 45.7 percent from a year earlier in February to US$94.5 billion, a sharp rise from an increase of 21 percent in January, the General Administration of Customs said today.
Imports also advanced 44.7 percent year on year to US$86.9 billion, compared with a rise of 85.5 percent a month earlier. The ease in growth was mainly a result of the Spring Festival holiday when many factories had a long break.
Trade surplus thus narrowed to US$7.6 billion from US$14.1 billion in January and US$18.4 billion in December.
"China's exports have staged a surprisingly good performance, better than our expectation even though we predicted strong growth in February based on a low comparative base," said Chen Lu, an analyst at the Haitong Securities Co. She had forecast an increase between 30 and 35 percent.
"Domestic demand will remain robust in future months, which will enable imports to keep the pace we have seen since the end of last year," Chen said.
However, China should get ready to bear increasing pressure for the yuan's appreciation and map out measures to cope with escalating trade disputes, she said.
China's Commerce Minister Chen Deming said earlier this week that any rise in the yuan's exchange rate will be gradual and controlled.
However, China should prepare for increasing pressure to appreciate the yuan and more trade disputes after exports rebound, analysts said.
China's exports jumped 45.7 percent from a year earlier in February to US$94.5 billion, a sharp rise from an increase of 21 percent in January, the General Administration of Customs said today.
Imports also advanced 44.7 percent year on year to US$86.9 billion, compared with a rise of 85.5 percent a month earlier. The ease in growth was mainly a result of the Spring Festival holiday when many factories had a long break.
Trade surplus thus narrowed to US$7.6 billion from US$14.1 billion in January and US$18.4 billion in December.
"China's exports have staged a surprisingly good performance, better than our expectation even though we predicted strong growth in February based on a low comparative base," said Chen Lu, an analyst at the Haitong Securities Co. She had forecast an increase between 30 and 35 percent.
"Domestic demand will remain robust in future months, which will enable imports to keep the pace we have seen since the end of last year," Chen said.
However, China should get ready to bear increasing pressure for the yuan's appreciation and map out measures to cope with escalating trade disputes, she said.
China's Commerce Minister Chen Deming said earlier this week that any rise in the yuan's exchange rate will be gradual and controlled.
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