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February exports up 45.7% from a year earlier

  • Published 10 Mar 2010

China's exports rose 45.7% to $94.52bn (Rmb 645.3bn, €69.6bn, £63.3bn) from a year earlier in February, while imports were up 44.7% to $86.9bn, narrowing the country's trade surplus to $7.6bn from $14.2bn in January, according to data released by the General Administration of Customs today. Two-way trade was up 45.2% year on year to $181.43bn. On a seasonally adjusted basis, exports were up 59.1% year on year, while imports surged a massive 74.7%, the bureau reported.

Buoyant trade performance in February will reinforce arguments for an appreciation of the renminbi, but with the Ministry of Commerce strongly opposed, we think it may be several months before Beijing is satisfied that trade has recovered sufficiently to allow the currency to strengthen.

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