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China’s trade continues to slump
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CHINA'S foreign trade continued to slump in February as a result of weak global demand and seasonal factors combined, according to the data from the General Administration of Customs today.
Exports lost 20.6 percent from a year earlier to 821.7 billion yuan (US$126 billion) last month, down from the fall of 6.6 percent in January by a big margin.
In comparison, Imports cut 8 percent to 612.2 billion yuan, improving from the contraction of 14.4 percent a month earlier.
As a result, trade surplus in February landed at 209.4 billion yuan, a sharp reduction from the surplus of 406.2 billion yuan in January thanks to better performance of imports than exports.
"China's disappointing exports in February reflected weakening global trade," said Liu Ligang, chief economist at Australia & New Zealand Banking Group.
"While yearly changes of China's trade data are usually distorted by the Chinese New Year, exports fell 12.6 percent in January an February combined, suggesting that China's external profile has worsened," Liu said.
China has to brave an expected weak global demand this year and try hard to stabilize its trade, the National Bureau of Statistics said yesterday, and the acceleration of the "One Belt, One Road" initiative should be one of the solutions to address the challenges.
The government did not set a specific trade growth target this year, only saying China's trade growth should be better than the global average.
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