China's January imports, exports up strongly, suggesting trade recovery on track
By: JOE McDONALD
Associated Press
02/09/10 8:21 PM PST
BEIJING — China's exports and imports grew in January, indicating a recovery in both global demand and Chinese consumption is on track.
Exports rose 21 percent from a year earlier, while imports skyrocketed by 85.5 percent, customs data showed Wednesday.
The increases were due partly to the comparison with a period of low activity last year when companies were idled for Lunar New Year. The holiday this year falls in February.
Still, growth exceeded forecasts by private sector economists of about 17 percent growth for imports and 60 percent for exports, suggesting Chinese trade was recovering from the global economic crisis.
"We can see China's trade has entered a stable stage," said Shanghai Securities economist Hu Xiaoyue. "Unless there's another round of the financial crisis, China's export recovery is well on track and won't see a double dip."
The figures also looked stronger due to the comparison with weak global trade and low oil and commodities prices in January 2009. The cost of foreign raw materials needed by Chinese industry has risen since then, inflating the import bill.
January exports were down 16.3 percent from their level in December, the Chinese customs agency said. Imports were off 15.1 percent.
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On the Net:
China customs agency: http://www.customs.gov.cn
