China trade surplus at record high of 370.5 bn yuan

China attributed the surge to a rise in Chinese exporters' shipments ahead of the Lunar New Year [Xinhua]

China attributed the surge to a rise in Chinese exporters’ shipments ahead of the Lunar New Year [Xinhua]

Reaching record-breaking highs, China’s trade rebounded in February from the previous month’s surprise contraction.

Exports surged 48.9 per cent in February from a year earlier, reversing the 3.2-per cent decline in January. However, imports plunged by 20.1 per cent, accelerating from the previous month’s 19.7 per cent fall, according to data from China’s General Administration of Customs (GAC).

February exports were 1.04 trillion yuan ($169.11 billion) while imports were 666.1 billion yuan, resulting in a widening trade surplus of 370.5 billion yuan.

The data came after China lowered its annual target of increasing foreign trade to around 6 per cent for this year, from the 7.5-per cent goal set for 2014.

China’s imports and exports denominated in yuan rose by a mere 2.3 percent in 2014, falling short of the target for the third consecutive year.

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