China exports rebound strongly in early March after February’s 20 per cent plunge
China’s exports grew from the second half of last month, even though they recorded the steepest drop in three years for the full month of February, according to data from China’s General Administration of Customs.
Exports in the first nine days of March surged 39.9 per cent, compared with the same period last year, according to detailed data released over the weekend.
The unusual partial advance release of March’s data comes after figures released on Friday showed February exports tumbled 20.7 per cent compared to the same period last year, as the world’s second-largest economy reels from an economic slowdown compounded by the effects of the US-China trade war.
China Customs chief Ni Yuefeng told Xinhua that the nation’s exports had picked up after the Lunar New Year holiday, also known as the Spring Festival, in February.
“From historical data, it’s normal for there to be fluctuations in data for the Spring Festival month. Looking at the export trend after the Spring Festival, we are full of confidence about the next stage of import-export growth,” Ni said.
China’s total trade – imports and exports – grew 24.7 per cent in the first nine days of March and 21.0 per cent in the second half of February compared with the same periods last year.
Source :- Scmp.com