Imports Drop in Chin Capping the Gloomy January Trade Performance
The weakness of the Chinese economy is becoming more glaring with its slumping trade performance in January. The exports dropped by 3.3 percent as compared to one year back and the imports also dipped 19.9 percent. This is much worse than what the analysts had expected.
In January China posted a huge monthly trade surplus that amounted to of $60. This was mainly due to the sharp drop in imports, especially that of coal, oil and other commodities.
The available data differs sharply with the analysts' expectations which forecasted the exports to gain 6.3 percent. The hold up in imports was expected to be dawdling close to three percent after the economy showed a better than expected result in December. The poll of analysts had expected a trade surplus amounting to $48.9 billion.
The fall in the figures for imports is the greatest since May 2009, a time when the factories in China were still cutting down on inventories as a result of the financial crisis that hit the entire world. Exports so far have not given any negative yearly reading since 2014 March.
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