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MNI BRIEF: China's Exports Fall 6.8% Y/Y Over Jan-Feb

MNI (Singapore)
(MNI) Beijing

China's exports dropped 6.8% in the first two months compared with the same period last year, beating the consensus forecast of a 9.0% decrease, while imports fell 10.2%, China Customs released the data on Tuesday.

Exports in the first two months totalled to USD506.3 billion. The decline in exports was led by top trade partners including the U.S., E.U. and Japan, reflecting slower external demand as interest rates rise. Exports to the United States fell 21.8% y/y and those to the European Union dropped 12.2% y/y.

Imports dropped 10.2% at USD389.42 billion, accelerating from a 7.5% y/y decrease in December and exceeding the consensus forecast of a 5.5% y/y fall. The trade surplus over the Jan-Feb period was USD116.9 billion, beating the consensus forecast of $82.5 billion.

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