China Exports Increase to a Higher Level
February reports of China Trade increased to a higher level of $60.6 billion, with reduced importation and increased exportation, this report was declared by Premier Li Keqiang.
Chinese General Administration of Customs said that the annual exports increased to $169.2 billion, rising 48.3 percent from previous years while importation decreased to $108.6 billion, a 5 percent declining rate from previous annual data. The exportation figures were way above the forecasted value made by analyst.
The year 2014 was not so good for the Chinese economy as the level of growth recorded that year was 7.4 percent- which is the lowest recorded in about twenty five years, and this year might still be like that.
The Customs in China attributed the increase in exports in the month of February to the haste of firms to finish work before the New year festival in China. They said manufacturing companies were “affected by the Spring Festival factors, export companies in the country again rushed to export ahead of the holiday and only resumed working after it”.
The excess value on top of export data this year was the same as the Chinese New year festival period in 2014 at the value of $8.9 billion, so there is an obvious similarity between the economic activity in China between 2014 and 2015.
However, Chinese New Year celebration for 2014 was on 31st January, with a public holiday of one week, this is not a perfect resemblance for the February export data.
The first bi-monthly trade data of China in this year is $120.7 billion with an additional $60 billion excess on the trade of January. Liu Ligang, an economist at ANZ said – “We still see strong headwinds facing China’s exports this year”.