China January exports rise 7.9%, beating forecasts
Imports had been forecast to rise 10.0 per cent, accelerating from 3.1 per cent growth in December. Photograph: (Reuters)
China's January exports easily exceeded analysts' expectations, rising 7.9 per cent from a year earlier, while imports rose by 16.7 per cent, also topping forecasts, preliminary data showed on Friday.
That left the country with a trade surplus of $51.35 billion for the month, the General Administration of Customs said.
But China watchers caution that trends in January and February can be distorted by the long Lunar New Year holidays, with business slowing down weeks ahead of time and many firms scaling back operations or closing. The holiday fell on January 28 this year, 11 days earlier than last year.
Customs is due to release the final data for trade on February 23.
Analysts polled by Reuters had expected January shipments from the world's largest exporter to have risen 3.3 per cent, after a dismal 2016 that saw exports slump 7.7 per cent as China lagged an export rebound enjoyed by some of its North Asian neighbours.
Imports had been forecast to rise 10.0 per cent, accelerating from 3.1 per cent growth in December.
Analysts were expecting China's trade surplus to have risen to $47.90 billion in January, versus December's $40.71 billion, with growing attention on its large trade surplus with the United States as new US President Donald Trump ramps up his protectionist rhetoric.