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China's foreign trade surged in the first two months as exporters ramped up production to meet strong demand from the western economies, while a recovering domestic demand also boosted imports, though at a slower pace, the data from the General Administration of Customs showed on Sunday.
Here are the highlights:
- Exports in February rose for the ninth month by 154.9% y/y. The surge came mainly from the U.S. and EU, the customs said. The data could have been skewed due to the Feb. 11-17 lunar new year, which in 2020 started in January, as well as the pandemic. Total in the first two months gained 60.6% y/y to $468.87 billion in the first two months.
- Exports to the U.S. rose 87.3% y/y in January-February, while those to the EU and Japan increased 62.6% and 47.7%, respectively.
- Imports rose 17.3% y/y in February. Total for the first two months increased 22.2% y/y to $365.62 billion as the Chinese economy further recovers from the pandemic.
- Jan-Feb imports from the U.S. were up 66.4% y/y, while those from the EU and Japan rose 32.5% y/y and 26.8% y/y.
- The trade surplus registered $103.25 billion in the first two months, among which February surplus accounted $37.87 billion.
- The ongoing pandemic still poses risks to China's trade, the customs said.