MNI 5 THINGS: China Exports Slump; Surplus Least in 11 Months

     BEIJING (MNI) - China's imports and exports both slumped in February,

customs data released on Friday show. Here are the key takeaways:

     - Exports dropped 20.7% y/y to USD135.24 billion, worse than -6.5% MNI

survey forecast. It was the sharpest monthly fall in three years. Authorities

blamed the poor performance on the Chinese New Year holiday, which shuttered

factories and suspended shipments. Exports would have risen 1.5% discounting the

Chinese New Year effect, the customs said.  

     - Imports fell 5.2% y/y to USD131.12 billion, following last month's 1.5%

y/y drop, better than -2.0% projected by the MNI survey. Imports would have

gained 6.5% less the holiday impact, the customs said.

     - Trade surplus narrowed to USD4.12 billion from USD39.16 billion in

January, the smallest in 11 months, versus forecast USD17.5 billion. 

- Exports to the U.S. plunged 28.6% y/y to USD22.67 billion. Imports fell 26.2%

y/y to USD7.94 billion. China's surplus narrowed to USD14.73 billion from

January's USD27.30 billion, the smallest since February 2017. 

     - Exports to the EU and Japan declined 13.1% y/y and 9.5% y/y, while

imports rose 2.5% y/y and 0.2% y/y, respectively.

--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

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