China’s exports fell 17 percent last month, a less sharp contraction than in February, amid signs the plunge in overseas demand may be easing, the government said yesterday.
But while the decline in exports eased somewhat, a sharper weakening in imports pushed China’s trade surplus to US$18.56 billion, up from US$4.84 billion the month before, the General Administration of Customs said.
Exports totaled US$90.3 billion last month, the fifth straight month of year-on-year declines because of the global downturn. In February, exports sank 25.7 percent from a year earlier in the worst drop in more than a decade.
Imports last month fell 25 percent to US$71.7 billion, the customs data showed. China’s imports fell 24 percent in February.
“The pace of contraction in exports has moderated notably from January to February levels, as export activity showed signs of stabilization,” Jing Ulrich (李晶), chairman for China equities for JPMorgan, said in a report to clients.
“Imports remained weak, but there are some initial signs of recovery in China’s raw materials demand, driven by government stockpiling and record imports of iron ore,” she said.
Meanwhile, the outlook for economic growth in China is good, central bank advisor Fan Gang (樊綱) said yesterday at a forum in Shanghai. He said that confidence in the economy has strengthened, though more reforms are needed.
ADDITIONAL REPORTING BY BLOOMBERG
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