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MNI ANALYSIS: China February Exports and Imports Decline
BEIJING (MNI) - China's exports plunged in February, more than expected by
most economists, while imports also dropped.
Exports fell 20.7% y/y to USD135.24 billion, a sharp drop from last month's
9.1% gain, worse than the -6.5% y/y forecast by an MNI survey. Total value for
the first two month amounted to USD353.22 billion, or dropped 4.6% from a year
earlier.
The tumble was mainly due to 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.
Exports to the U.S. registered the worst decline in at least 10 years, by
28.6% y/y at USD22.67 billion. Shipments to the EU and Japan, led by a weaker
demand, contracted as well but slower than the U.S., by 13.1% and 9.5%
respectively.
China's steel product exports posted stronger performance, rising 12.9% y/y
in the first two months. On the other hand, traditional labor-intensive products
are losing their advantages with shipments falling 3.9% from a year earlier.
--WEAK IMPORTS
Imports fell for third straight month by 5.2% y/y in February, compared
with January's -1.5% y/y. Total imports value for the first two month amounted
to USD309.51 billion, or down 3.1% from a year earlier. Again the Chinese New
Year likely worsened already slowing domestic spending.
Shipments from the U.S. were down 26.2% y/y, compared with a record decline
of 41.1% reported in January.
The EU was the biggest seller to China, USD16.93 billion, or 13% of the
total imports.
The ASEAN, and Latin America have become an emerging market for China -
imports from the two amounted 21.5% of the total purchasing value.
--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
[TOPICS: MAQDS$,MDQCB$,M$A$$$,M$Q$$$,MI$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.