China's Trade Surplus at New Record High in February


China reported a USD 60.6 billion trade surplus in February of 2015 compared with a USD 22.9 billion deficit a year earlier as exports surged while imports dropped.

In February, exports grew by 48.3 percent year-on-year to USD 1691.90 billion as companies rushed to get orders processed before the Chinese New Year, which fell in the middle of February this year. Sales increased the most for mineral fertilizers (+88.4 percent), followed by ceramic products (+86.3 percent); unwrought aluminium and aluminium (+66.7 percent); rice (+61.3 percent); lamps, lighting features and parts (+46.2 percent); toys (+32.7 percent); furniture & parts thereof (+31.7 percent); steel (+30.6 percent); bags & similar containers (+25.1 percent); water seafood (+24.6 percent); textile yarn (+23.1 percent); crude (+19.5 percent) and clothing & accessories (+17.9 percent). In contrast, exports declined for: precious metals (-63.7 percent); coal (-53.4 percent); refined oil (-33.9 percent) and automatic data processing equipments (-13.5 percent).

Outbond shipments to the country's trading partners mostly increased except those to India, Japan and Russia. Exports to the ASEAN countries rose 38.2 percent, followed by the US (+ 21.0 percent), Hong Kong (+15.0 percent), Taiwan (+12.5 percent), Vietnam (+47.6 percent), the EU countries (+12.6 percent), South Africa (+31.4 percent), Brazil (+4.4 percent), Australia (+20.0 percent) and New Zealand (+38 percent). In contrast, sales fell to: India (-5.6 percent), Japan (-4.4 percent), and Russia (-27.0 percent).
 
Imports declined by 20.5 percent year-on-year to USD 1085.72 billion as a result of falling commodity prices. Purchases in value terms  declined for: iron ore & concentrate (-45.4 percent), crude oil (-43.9 percent), coal (-55.2 percent) and natural & synthetic rubber (-41.9  percent). Inbound shipments from the country's main trading partners were down except from Vietnam. Imports from India decreased by 23.6 percent), followed by Hong Kong (-20.2 percent), the ASEAN countries (-18.4 percent), the US (-16.9 percent), Japan (-14.1 percent), the EU countries (-11.3 percent), South Korea (-8.9 percent), New Zealand (-41.9 percent), Australia (-28.2 percent), South Africa (-52.5 percent), Russia (-34.5 percent) and Brazil (-38.2 percent). Imports rose only from Vietnam (+20.7 percent).
 
In January 2015, the country registered a USD 60.0 billion trade surplus.

During the first two months of 2015, China's total trade surplus reached USD 120.7 billion, as compared to a USD 8.9 billion leftovers in the same period of  2014. 
 


China


General Administration of Customs l Rida Husna l rida@tradingeconomics.com
3/8/2015 12:18:10 PM