Tuesday, March 11, 2008

China's trade surplus plunges to 10-month low in Feb

Due to severe snow storm and the shrinking demand from the U.S. market, China's trade surplus dropped to US$8.56 billion, down from US$23.7 billion the same period of 2006, according to statistics from China Customs.

The February trade surplus was the smallest since last March. During the month, its trade surplus with the EU, China's biggest trading partner, narrowed 15% to US$10 billion. Meanwhile, its imports from the U.S. surged 33% to US$6.1 billion, while its exports to the country fell by 5% to US$16.4 billion.

However, analysts noted that statistics in March and April, rather than February, are crucial in reflecting the overall trend in China's foreign trade, hence, it is very likely the export figures will rebound in the following months despite a more moderate slowdown in export growth throughout the year.

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