|Girish Shetti |||Feb 10, 2017 10:34 AM EST|
(Photo : Getty Images. ) Beating most analyst's expectations, China’s export in January grew by 7.9% in January while imports during the same month surged 16.7% from a year earlier.
China's export in January finally bucked the declining trend on the back of an improving global demand. The Chinese export was continuously on a downslide during most part of the last year due to lacklustre demand in the global market.
Exports in January increased 7.9 percent while imports during the same month surged 16.7 percent from a year earlier, according to data provided by the General Administration of Customs on Friday. The last month's upward trajectory has widened China's trade surplus to $51.35 billion, its highest level since August last year.
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The sharp rise in import has been mostly blamed on surge in commodity prices and restocking of inventories."This is good news for Chinese exporters. Global fundamentals are improving, driving up growth," said Commerzbank AG economist Zhou Hao. He added that China's good showing in the export was matched by other countries like Taiwan, Singapore, Japan and South Korea.
Several analysts had modest expectations from China's January shipments, with analysts' poll by Reuters expecting January's export to by grow by 3.3 percent and import to increase by 10.0 percent. The last month's impressive trade performance may also help in easing off tension over the possible China - US trade war.
The possibility of an unlikely war has been looming large ever since last year's U.S presidential election was won by Donald Trump, who has been highly critical about China's controversial trade practices. However, most analysts have warned not to read too much into January's trade figures, since the month is marked by typical volatility that is usually witnessed during the Lunar New Year holiday season. Most factories across China are closed during New Year holiday season, which started off in the last week of January.
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