China Records 7.3 Billion Dollar Trade Deficit for February

Translated by: Qi Changlong
Original Article: [Chinese]

The latest customs statistics show that China’s import growth far exceeded the export growth in January and February, resulting in a February trade deficit of 7.3 billion dollars. The last time China reported a trade deficit was in March 2010, when it recorded a deficit of 7.24 billion dollars.

According to statistics released by China's General Administration of Customs, China’s import export volume totaled 459.83 billion dollars for the January-February period, up 28.3% from the same period last year. Exports rose 21.3% to 247.47 billion dollars and imports rose 36% to 248.36 billion dollars. China’s cumulative trade deficit for the first two months amounts to 0.89 billion dollars.

Statistics show that the import export volume for February increased 10.6% to 200.78 billion dollars. Exports rose 2.4% to 96.74 billion dollars and imports rose 19.4% to 100.4 billion dollars. Exports slowed during the Spring Festival.

Main commodity imports are on the rise. During the January-February period, China’s imports of iron ore grew 22.6% to 0.12 billion tons and prices rose 62.6% to 154.3 dollars per ton; imports of soybeans increased 6.1% to 7.45 million tons and soy bean prices rose 22.7% to 566.7 dollars per ton. In addition, imports of mechanical and electrical products rose 28.2% to 105.06 billion dollars. Mechanical imports included 138, 000 automobiles, a 47.5% increase from last year.

Chen Deming, Minster of the Ministry of Commerce, expressed at Fourth session of the 11th National People's Congress that China’s trade surplus as percent of GDP might further decline. Chen also said that China’s surplus situation will improve, but we may continue see trade deficits in monthly figures.  

Source

Economic Observer Online: 2月现73亿美元贸易逆差 全年顺差额预计大减 (Chinese)