China posts $9.15 billion trade deficit in Feb 2017

Posted by Daily Shipping Times on 10-03-2017        Tweet

BEIJING: China has, in an unusual instance, reported a trade deficit of $9.15 billion in the month of February 2017. In US dollar terms, there was a 38.1% year-on-year rise in imports while exports took a 1.3% plunge. This has been the first trade deficit China has had since February 2014. In January, the performance was much more moderate with a 7.9% growth in exports and 16.7% rise in imports.

In terms of Chinese Yuan, there was a 44.7% surge in imports while exports rose by merely 4.2%.

Experts say that the numbers have been magnified due to the Chinese week-long new year holiday period, during which, ports and factories across the Country are shut down. The shifting of this holiday from February in 2016 to January in 2017 has also skewed the base year figures, which are used to calculate growth.

Volatility due to the lunar new year holiday aside, Chinese exports and imports seem to be picking up.