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China’s Export Growth Slows in January-February

China’s exports grew slower in January and February due to the long Chinese New Year holiday.

Nevertheless, the figure was higher than analysts’ forecasts; moreover, Russia’s invasion of Ukraine has added uncertainty to the outlook for global trade this year.

China Customs said today that Chinese exports rose 16.3% in the first two months of this year compared with the same period last year. However, compared to a 20.9% increase in December, the rise has slowed.

Imports rose 15.5%, slower than December’s 19.5% increase.

China recorded a trade surplus of $115.95 billion in January-February. This is above estimates expecting a surplus of $99.5 billion and above the $94.46 billion surplus in December.

Production activity slowed down significantly during the Chinese New Year. Chinese workers returned to their homes to celebrate the New Year. However, many factory workers have not returned to their hometowns for three years in a row because of concerns about the COVID-19 outbreak. This allows many factories to operate as usual.

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