China Posts Unexpected Trade Surplus in February

by Colonel on March 9, 2013

“China managed to post a trade surplus in February, data out Friday showed, confounding expectations the economy would swing to a trade deficit due to seasonal weakness from the weeklong Chinese Lunar New Year holiday last month. The surplus totaled $15.3 billion, narrowing from January’s $29.15 billion surplus. The surplus came as a surprise — a Reuters survey had tipped a $7.8 billion trade deficit, while a separate Dow Jones Newswires poll had called for a $16 billion deficit. February’s exports were 21.8% higher than a year earlier, when the Lunar New Year fell in January, while imports were 15.2% lower than the year-earlier month. Dow Jones Newswires had projected exports to rise 5% and imports to fall 10%, while Reuters had exports increasing 10.1% and imports dropping 8.8%. Both the Japanese yen and Australian dollar moved lower after the data release, as did mainland Chinese shares, with the Shanghai Composite trading 0.3% lower.

” — Michael Kitchen, Copyright 2013 MarketWatch Inc.

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