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China's Exports Rebound Continues in Feb, Up 45.7%
2010-03-11 00:07

 

BEIJING, March 10 (Xinhua) -- China's exports grew for the third straight month in February, up 45.7 percent year on year to 94.52 billion U.S. dollars, which indicated a rebound in global demand, the General Administration of Customs announced Wednesday.

Imports in the same month rose 44.7 percent to 86.91 billion U.S.dollars.

"February's growth surge also resulted from a lower comparison base last year," said Wang Tao, economist with the UBS Securities, as China's exports in February last year marked the sharpest decline in more than a decade because of the financial crisis.

Foreign trade in February stood at 181.43 billion U.S. dollars, up 45.2 percent year on year. The figure was down 11.5 percent compared with January, which Qiao Hong, an economist with the Goldman Sachs (China) said was partly due to fewer workings days in February because of the weeklong Lunar New Year Holiday.

Out of the same concern, the administration compared February's exports figures with those in the same period of 2008 before the global downturn, as the Lunar New Year fell in February in both 2008 and 2010. The comparison showed that exports grew 8.2 percent while imports were up 9.8 percent.

It also combined data from January and February which could show a more accurate picture of trade conditions as last year's Lunar New Year fell in January.

Exports surged 31.4 percent to 204.08 billion U.S. dollars in the first two months over the same period last year. Imports stood at 182.32 billion dollars, up 63.6 percent.

The trade surplus contracted 50.4 percent in the first two months to 21.76 billion U.S. dollars.

The European Union and United States remained China's two largest trade partners. Trade with the the EU grew 34.5 percent to 65.53 billion U.S. dollars, and with the U.S., it rose 25.1 percent to 49.32 billion U.S. dollars.

Trade with the Association of Southeast Asian Nations (ASEAN) surged 66 percent to 39.12 U.S. dollars in the first two months.

Related:

China's 2009 foreign trade falls 13.9% to $2.21 trln with surplus at $196.1 bln

BEIJING, Jan. 10 (Xinhua) -- China's foreign trade in 2009 dropped 13.9 percent from a year earlier to 2.21 trillion U.S. dollars and its trade surplus last year slid 34.2 percent year on year to 196.1 billion U.S. dollars, according to figures released Sunday by the General Administration of Customs (GAC).

In breakdown, China's exports in 2009 stood at 1.2 trillion U.S. dollars, down 16 percent from in 2008, and imports reached 1.01 trillion U.S. dollars, down 11.2 percent from a year earlier, said the GAC.

China voices cautious optimism on exports recovery, urges U.S.to loosen hi-tech ban

BEIJING, March 6 (Xinhua) -- Commerce Minister Chen Deming said Saturday China's exports may need two or three years to return to the pre-crisis level, and called for the United States to loosen high-tech exports to China to bridge the trade gap.

"Although China's exports have regained momentum since the beginning of this year, it would take two or three years for exports to return to the level of 2008, as global recovery is still haunted by uncertainties," Chen told a press conference.

China's currency policy not to blame for trade surplus: economist

LONDON, Feb. 24 (Xinhua) -- China's trade surplus should not be simply attributed to the current exchange rate of the renminbi, said Stephen King, chief economist of the HSBC bank.

China's high levels of precautionary savings by households, rather than the exchange rate, is a more important factor for China's surplus, King said in a recent interview with Xinhua


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