China: Trade data deteriorates markedly in January-February
In January-February, exports tumbled 17.2% over the same period in 2019, contrasting the 7.9% rise in December. Moreover, the print represented the sharpest decline since February 2019 and undershot the 16.2% drop that market analysts had expected.
Meanwhile, imports declined a softer 4.0% in annual terms in January-February. The print contrasted the 16.5% rise in December but was better than the 16.1% contraction that market analysts had projected.
As a result of the sharp drop in exports, the trade balance swung from a surplus of USD 41.4 billion in January-February 2019 to a deficit of USD 7.1 billion in the same period this year.