For­eign trade de­clines in Jan­uary

China Daily (Canada) - - FRONT PAGE -

China’s for­eign trade stum­bled by 10.8 per­cent to 2.09 tril­lion yuan ($341 bil­lion) on a year-onyear ba­sis in Jan­uary, push­ing the coun­try to ac­cel­er­ate the pace of re­struc­tur­ing.

The coun­try’s ex­ports slid 3.2 per­cent to 1.23 tril­lion yuan and im­ports slumped 19.7 per­cent to 860 bil­lion yuan, ex­pand­ing the trade sur­plus by 87.5 per­cent to 366.9 bil­lion yuan, ac­cord­ing to Gen­eral Ad­min­is­tra­tion of Cus­toms data.

The sharp im­port decline was led by a drop in for­eign com­modi­ties as coal tum­bled by nearly 53.2 per­cent, re­fined oil dropped by 37.6 per­cent and steel slid by 14.7 per­cent from the same month a year ear­lier.

“The weak man­u­fac­tur­ing ac­tiv­i­ties and a bear­ish hous­ing mar­ket have caused do­mes­tic de­mand for com­modi­ties in­clud­ing re­fined oil, industrial met­als and plas­tics to decline,” said Zhao Zhongxiu, a trade pro­fes­sor at the Uni­ver­sity of In­ter­na­tional Busi­ness and Eco­nomics in Bei­jing. (Photo 3)

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