ExplainerChina trade: 5 takeaways from January-February data as exports made strong start in 2024
- China’s exports rose by 7.1 per cent in combined figures for January and February compared to a year earlier
- Imports rose by 3.5 per cent year on year compared to the same period last year, with the figures combined to to smooth out the impact of the Lunar New Year holiday
1. Emerging partners lift exports
It was the fastest rate of increase since May, and export volumes also reached a record high.
“The stronger-than-expected export growth was mainly led by robust exports to some of China’s emerging market trade partners, such as Africa, Latin America, India and Russia,” said analysts at Nomura, who also pointed to a higher base of comparison from a year earlier.
China’s trade figures for January and February are combined to smooth out the impact of the Lunar New Year holiday, which falls at different times during the two months in different years.
2. Imports rise, volume rebounds
China’s imports increased by 3.5 per cent from a year earlier, compared to a 0.2 per cent growth in December - vaulting market projections of a 0.7 per cent decrease.
Imports also picked up during the first two months of this year in volume terms.