China January exports, imports easily beat expectations

China January exports, imports easily beat expectations

China January exports, imports easily beat expectations

Exports climbed 7.9 percent year-on-year in January, reversing December's 6.2 percent fall, data from the General Administration of Customs revealed Friday. The imports were down from December's record 8.57 million bpd.

China's foreign trade figures were up in the first month of 2017, with total volume growing almost 20 percent since past year to US$482.2 billion.

Exports rose 7.9 percent from January a year ago measured in dollars.

China's exports and imports are expected to grow by 4 percent and 2.2 percent in 2017 as global trade is likely to warm slightly, according to a research paper released by Nomura Securities.

It said exports jumped by 7.9 percent year on year to $182.8 billion (171.6 billion euros), reversing December's 6.1-percent plunge.

The steep descent came following the Central Bank's sudden increase of short-term interest rates upon the conclusion of the Lunar New Year holiday. The US is China's largest export market, accounting for 18.5 percent of its total shipment overseas. Now, traders are anticipating more, positive economic data out of China and for that reason have bid the commodity higher, betting that the sell-off was overdone.

Crude oil imports reached 34.03 million metric tons in January, 27.5 percent higher than the same period a year earlier. Meanwhile, the significant recovery in January's imports was driven by commodity imports.

At the World Economic Forum in Davos last month, Chinese president Xi Jinping (pictured) made the case for globalisation, presenting his country as a friendly and open economic force. Reported in terms of the yuan, imports were up more than 25 per cent.

At the same time, annual growth in imports accelerated sharply to 16.7 percent from 3.1 percent and also exceeded the expected expansion of 10 percent. "Imports are strong, which is understandable, as Chinese government stimulus has boosted domestic demand".

"China's trade data is going to be pretty good in the first part of this year because of the very good run that we had in the last part of 2016", said Mr Louis Kuijs, head of Asia economics at Oxford Economics in Hong Kong.

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