China Reports Strong Export Growth in Feb., at 21.8Pct03-08 12:23 Caijing
China has reported stronger-than-expected export data in January and February, pointing to improved external conditions for the world's second-largest economy, although imports came much weaker, official data showed.
Exports grew 21.8 percent to 875.1 billion ($139.4 billion) in February while imports down 15.2 percent to 779 billion ($124.1 billion) year on year, leaving a surplus of 96.15 billion ($15.3 billion) compared with a deficit of $31.9 billion in the same month a year ago, the customers administration said in a statement on its website.
By destination, exports to the US rose 15.7%, up from January's 14.6%. Export growth to the EU quickened to 16.5%, from 5.3%. Exports to Hong Kong and ASEAN rose 35.6% and 27.7%, respectively. Exports to Taiwan declined 4.0%.
For January and February, combined exports were 2.05 trillion yuan ($326.7 billion), jumping 23.6 percent from a year ago while imports were only up 5 percent to 1.78 trillion ($282.6 billion) in the two months. Trade surplus in the period therefore rose from last year's $4.78 billion to $44.2 billion measured year on year.
"It is clear that China's external trade has picked up momentum since Q4 2012," said ANZ chief China economist Liu Ligang. "We believe that trade growth target of 8 percent is very much attainable.
Chinese commerce minister Chen Deming told a press conference today China needs to lower its logistics costs as well as increase export credit insurance to improve its trade performance this year.
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