China's import and export in February far lower than expected
China's General Administration of Customs announced the import and export data for the previous month. In February, RMB-denominated imports fell 0.3% year-on-year, much lower than the expected increase of 6.2%. As for exports, they fell 16% year-on-year, which was far worse than the expected increase of 7.1%. The trade account was only RMB 34.46 billion, which was much lower than the expected RMB 250 billion.
Exports denominated in US dollars fell 20.7% year-on-year, far lower than the expected of 5% decline; imports also fell 5.2%, lower than the expected decline of 1.5%, the trade account was USD 4.12 billion, far lower than the expected of USD 39.16 billion. In the first two months of this year, China’s trade surplus with the United States was RMB 290.09 billion, indicating an increase of 3.9%. Among them, the value of import from the United States fell 32.2%, and exports fell 9.9%.