By China Customs www.customs.gov.cn
China just reported its February international trade figures, showing a -$7.3 billion deficit as seasonal factors bit into trade volumes. Exports rose about 2% year on year (falling some -36% month on month), while imports rose almost 20% year on year (also falling -28% compared to January). The key driver of the result was the spring festival (Chinese Lunar New Year) holiday celebrations, with factories shutting down, and workers heading home to their families.
Looking through the seasonal factors, on a rolling quarterly basis and compared to last year, here's how it would stack up: in the 3 months to February 2010 exports were $400m vs $335m, imports were $390m vs $295m, and the surplus was $12.5m vs $40m. So the volumes are definitely up, but there is some tangible reduction in the trade surplus. Indeed the rolling 12-month trade surplus in the chart above shows a downward turn.
