Chinese trade balance turned into a USD 22.9 billion deficit in February of 2014, the highest in two years, as exports tumbled 18 percent over a year earlier on Lunar Year distortions.
Exports fell to USD 114 billion, after surging 10.6 percent yoy in January. But both figures were distorted as this year the Lunar New Year Holiday, when many plants and offices shut for at least 10 days, began on January 31 and covered early February while in 2013 it fell in January.
In contrast, imports rose a better-than-expected 10.1 percent over a year earlier and reached USD 137 billion.
Considering January and February of 2014 together, shipments fell 1.6 percent over the same period last year, while imports rose 10 percent.
3/8/2014 1:48:29 PM