China: Exports contract at fastest pace in over one year in March
April 13, 2015
In March, exports fell 15.0% over the same month last year, which largely contrasted the 48.3% increase tallied in February. The astonishing export growth recorded in February mostly reflected the different timing of the Lunar New year. March’s drop contrasted the 9.0% increase that market analysts had expected and represented the largest decline since February 2014. Imports fell 12.7% annually in March, which was above the 20.5% decline tallied in February. The print, nonetheless, exceeded the 10.0% drop that market analysts had expected.
As a result of the sharp drop in exports, the trade surplus narrowed to USD 3.1 billion in March (February: USD 60.6 billion) from USD 8.0 billion in the same month last year. The print largely undershot the USD 45.0 billion surplus that market analysts had expected and represented the smallest surplus in 13 months. The 12-month moving sum of the trade surplus fell from USD 492 billion in February to USD 487 billion in March.