China trade surplus hits record, as exports grow and imports slide back

China trade surplus hits record, as exports grow and imports slide back

9 March 2015, 15:25
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In February China's monthly trade surplus touched a record $60.6bn, as exports grew and imports slid back.

The growth in exports was well ahead of analyst expectations, says BBC.

According to the country's General Administration of Customs, exports were up 48.3% year on year to $169.2bn, and imports dropped by a fifth to $108.6bn.

Last year, China's economy grew by 7.4% - its weakest for almost a quarter of a century, and recent data indicates signs the slowdown is continuing.

As Customs officials explain, the surge in exports was caused by a flurry of activities by companies which attempted to get orders processed before the Chinese New Year, which fell in the middle of February this year.

"Affected by the Spring Festival factors, export companies in the country again rushed to export ahead of the holiday and only resumed working after it," a statement said.

In the same period of 2014, the surplus figure stood at $8.9bn. At the same time, he Lunar New Year had fallen on 31 January in 2014, followed by a week-long national holiday, which meant it provided a weak comparison with this February.

For the first two months of the year, China's trade surplus has totalled $120.7bn, following the $60bn surplus in January.

Last week Premier Li Keqiang announced a lowered growth target of "approximately 7%" for this year, and cut the trade growth target for 2015 to "around 6%".

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