BEIJING: China’s exports surged more than 20 percent in February on-year despite the Lunar New Year holiday, data showed yesterday, in another sign of recovery for the world’s second-largest economy.
The jump in exports helped China to record a surprise trade surplus of $15.3bn in February, although it narrowed from $29.2bn in January, the General Administration of Customs said in a statement.
The market had expected a trade deficit of $16bn, according to the median forecast in a poll of 13 economists by Dow Jones Newswires.
Exports jumped 21.8 percent year-on-year to $139.4bn in February, while imports dropped 15.2 percent to $124.1bn, customs said.
Analysts said the strong exports growth was a good sign for the economy, but suggested the weakness in imports may have been due to factories shutting down for the week-long holiday, reducing demand for raw materials and components.
“The import data may have been affected by the seasonal factor of the Lunar New Year, but exports were not affected at all, growing faster-than-expected,” Liu Ligang, a Hong Kong-based economist for bank ANZ, said.
“China will undoubtedly remain on a recovery track this year, with its economy likely growing more than eight percent,” he said.
China’s commerce minister said yesterday that he expected China’s overall growth in trade — imports and exports combined — to improve this year from 2012, although he warned about unforeseen global problems.
“I’m cautiously optimistic about this year’s general trade situation. We should do better this year,” Chen Deming told reporters on the sidelines of the National People’s Congress, or legislature.
China’s total foreign trade grew just 6.2 percent last year to $3.87 trillion, falling short of the government target of around 10 percent growth.
AFP
