China’s exports grew at a much faster than expected pace in the first two months of the year, while imports also jumped.

Official figures from The General Administration of Customs of China showed that the country’s exports for January and February combined rose 7.1 percent year on year to US$528 billion, far higher than market expectations of 1.9 percent growth.

Imports, meanwhile, jumped 3.5 percent in the two-month period year on year to US$402.8 billion, more than double market expectations of 1.5 percent growth.

That left the country with a trade surplus of US$125 billion in the first two months of the year, compared with the US$103.8 billion recorded during the same period last year.

Exports to the US increased by 5 percent year on year while shipments to the European Union, China’s second largest trading partner, declined slightly to 1.3 percent.

Countries from the Association of Southeast Asian Nations remained a key trading bloc for China, with shipments to the region rising by 4.8 percent while imports climbed 6 percent.

Imports from Russia rose only 6.7 percent, the weakest since April 2021.

The figures for January and February were combined to smooth out the impact of the Lunar New Year holiday.

The positive trade data, however, also came partly from the low base last year when the country was still affected by its Covid restrictions.
(Agencies)