China's exports rebound continues in Feb, up 45.7%
March 10-- China's exports grew for the third straight month in February, up 45.7 percent year on year to 94.52
billion U.S. dollars, which indicated a rebound in global demand, the General Administration of Customs announced
Imports in the same month rose 44.7 percent to 86.91 billion U.S.dollars.
"February's growth surge also resulted from a lower comparison base last year," said Wang Tao, economist with the
UBS Securities, as China's exports in February last year marked the sharpest decline in more than a decade because
of the financial crisis.
Foreign trade in February stood at 181.43 billion U.S. dollars, up 45.2 percent year on year. The figure was down
11.5 percent compared with January, which Qiao Hong, an economist with the Goldman Sachs (China) said was partly due
to fewer workings days in February because of the weeklong Lunar New Year Holiday.
Out of the same concern, the administration compared February's exports figures with those in the same period of
2008 before the global downturn, as the Lunar New Year fell in February in both 2008 and 2010. The comparison showed
that exports grew 8.2 percent while imports were up 9.8 percent.
It also combined data from January and February which could show a more accurate picture of trade conditions as last
year's Lunar New Year fell in January.
Exports surged 31.4 percent to 204.08 billion U.S. dollars in the first two months over the same period last year.
Imports stood at 182.32 billion dollars, up 63.6 percent.
The trade surplus contracted 50.4 percent in the first two months to 21.76 billion U.S. dollars.
The European Union and United States remained China's two largest trade partners. Trade with the the EU grew 34.5
percent to 65.53 billion U.S. dollars, and with the U.S., it rose 25.1 percent to 49.32 billion U.S. dollars.
Trade with the Association of Southeast Asian Nations (ASEAN) surged 66 percent to 39.12 U.S. dollars in the first
Quote from Chinese shipping