Both the export and imports went to the start of the year back more expected as experts. With respect to exports, the decline was lying yoy at 11.2 percent to $ 177.5 billion, the Customs Administration said in Beijing on Monday. Economists had only expected to decline by 1.8 percent.
The imports decreased by 18.8 percent to 114.2 billion dollars. Here a decrease of 3.6 percent was expected. Given the sharp drop in imports the trade surplus rose to a new record level. He climbed by 5.4 percent to 63.3 billion dollars. Measured in yuan to declines in exports and imports were somewhat lower, but were also disappointing high.
ANALYSTS SEE SPECIAL EFFECTS
“The weakness of the trade balance figures across Asia underscores again that most countries in the region have put an increasing focus on domestic consumption, “said foreign exchange expert Hao Zhou of Commerzbank. The figures showed that the recovery of the trade balance data in December was largely due to special effects and not on an improvement in external demand.
are at least partially responsible for the poor numbers but also the holidays to the Chinese New Year last week in charge, as the analyst Liu Li-Gang and Louis Lam wrote the Australian bank ANZ on Monday. Many companies have attempted therefore to the most important Chinese holiday to ship their cargo abroad before the start of the long holiday period. Therefore, exports were slightly tightened in December for the first time in nine months, but then fell sharply in January.
falling crude oil IMPORTS
China had last year with 6.9 percent the weakest economic growth in 25 years recorded. The Beijing government tried to make the growth model of the country. The country’s economy to be less dependent on the future of a strong export industry. For the service sector should be strengthened.
Moreover, Chinese crude oil imports have fallen significantly. They fell year on year by 4.6 percent to around 6.3 million barrels (159 liters) per day. This is the lowest level in three months. Given the recent New Year celebrations observers expect in February a further decline. China is the largest energy consumer in the world.
STOCK MARKETS LEFT
The stock markets were on the first trading day in “Year of the Monkey” Despite the weak trade data relatively robust. After a week break in trading because of the holidays around the Chinese New Year of the Shanghai Composite Index closed at only 0.6 percent in the red. Besides, many analysts had warned of stark reductions. They expected a catch-up response to last week worldwide collapsing stock markets.
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