Recovery in global markets lifts China’s exports in Feb: customs

China’s exports of goods grew 36.2 percent year-on-year to 1.11 trillion yuan ($176 billion) in February, compared with a rise of 6 percent the month earlier, data from the General Administration of Customs showed on Thursday.

Meanwhile, imports fell 0.2 percent to 888.16 billion yuan in February. That left the monthly trade surplus at 224.88 billion yuan, compared with a deficit of 72.99 billion yuan in the same period a year ago.

Analysts caution that Chinese data early in the year can be heavily distorted by the timing of the Chinese lunar new year holidays, which fell in February this year but in January in 2017.

But combined January-February data also showed a dramatic acceleration in export growth, good news for China as it tries to crack down on risks in the financial system without sharply braking economic activity.

In the first two months, exports rose 18 percent while imports were up by 15.2 percent. Trade surplus expanded 37.2 percent to 362.2 billion yuan.

Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said a recovery in global markets and China’s new trade advantages contributed to the country’s export growth.

China’s exports to major markets, including the EU, the US and Japan, as well as countries and regions along the routes of the Belt and Road (B&R) initiative posted growth in the first two months.

During the period, Sino-EU trade totaled 679.59 billion yuan, up 17.2 percent year-on-year. Trade with countries and regions along the B&R routes stood at 1.26 trillion yuan, an increase of 21.9 percent from the same period last year.

Private enterprises took a larger proportion in China’s foreign trade. In the first two months, their total trade was 1.77 trillion yuan, representing 39.3 percent of China’s total, which was 3 percentage points higher year-on-year. Imports of bulk goods increased during the period. For example, imports of iron ore increased 5.4 percent from a year earlier to 184.74 million tons.

Bai predicted China’s foreign trade will maintain steady double-digit growth this year.

China will forge new foreign trade image of “China Quality” and “China Brand,” media reported on Monday.