China said yesterday that its exports surged last month for the second straight month, solidifying the Asian powerhouse’s new position as the world’s leading exporting country.
Shipments grew 21 percent on-year last month to US$109.475 billion, the customs bureau said, cementing a turnaround that began in December when a year-long decline in exports ended.
On Tuesday, Germany ceded to China the title of top global exporter that it had claimed in 2003, as the European leader’s trade suffered its sharpest slump since 1950. The German statistics office said the nation’s exports totaled US$1.12 trillion last year, compared with China’s US$1.20 trillion.
Chinese export data is being closely watched not only for clues to the state of the country’s economy, but for what it says about recovering demand in crisis-hit markets such as the US and Europe.
However, analysts warned the data was inflated because of a low base of comparison last year.
Lunar New Year, the most important holiday in China, came in January last year, crimping exports that were already low at the time as the world economic crisis took hold.
“The 21 percent growth was not strong at all. There is nothing to celebrate as I see it,” said Ken Peng (彭墾), an economist with Citigroup in Beijing, who called the month’s performance “rather weak.”
“I think we may have to wait until March to see the real export situation,” he said.
The figures showed exports last month fell 16.3 percent compared with December.
China’s trade surplus reached US$14.17 billion last month, the figures showed, a decline of 63.8 percent on-year.
Still, the data marked a continuation of the turnaround in December, when exports grew 17.7 percent, snapping a string of 13 straight months in which they declined due to limp overseas demand.
While also noting last year’s low base effect, Robert Subbaraman, an economist at Nomura International (HK) Ltd in Hong Kong, said the figures were an “encouraging” sign that the global economy could be emerging from recession.
He noted that China’s imports jumped 85.5 percent last month compared with the same month last year, reaching US$95.3 billion.
“A lot of those imports are parts and components that will eventually feed into exports. So it is a harbinger of the exports pick-up continuing,” Subbaraman said.
“But also I think it reflects the strength of China’s own demand on the back of the investment boom and an unfolding consumption boom as well,” he said.
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