China's foreign trade surges in January

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Beijing:

In signs of China's export markets rebounding, its foreign-bound shipments rose by 25 per cent, the fastest pace since April 2011, in January, a report said.

China's total foreign trade surged 26.7 per cent year on year to 2.17 trillion yuan ($345.59 billion) in January, according to data from the general administration of customs.

Exports increased 25 per cent from one year earlier in January, the fastest pace since April 2011 and up from December's 14.1-per cent rise. Imports rose 28.8 per cent, a jump from 6 per cent pace from December, according to state-run Xinhua news agency report.

Foreign trade continued to rebound strongly in January due to more working days last month and a stabilised economic situation, the report said.

In January, the foreign trade surplus widened 7.7 per cent to 183.21 billion yuan, data showed.

The increase in exports was seen as a much needed boost for sagging economy which slumped to about 7.8 per cent last year mainly due to rapid fall in export due to global economic crisis.

Plush with $3.30 trillion forex reserves China has already initiated a host of steps to revive domestic demand to reduce its dependency on exports.

"A lower comparative base last year caused by fewer working days has helped push up the growth rate this year," Li Jian, a foreign trade expert from a research institute at the ministry of commerce (MOC) said.

There were 22 working days in January, 5 days more than last year when the seven-day Spring Festival holiday fell in the first month.

After adjustments to seasonal factors, January data remained bullish, with foreign trade up 8.1 per cent year on year, exports up 12.4 per cent and imports up 3.4 per cent, the report said.

External demand has improved, Chen Hufei, a researcher at Bank of Communications Ltd said, citing that exports to Europe and the United States has stabilised, and that to emerging markets remained strong.

Story first published on: February 08, 2013 20:30 (IST)

Tags: China, Foreign trade, United States, Bank of Communications Ltd, Chen Hufei, Li Jian, Xinhua

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