China’s January exports fell 11.2%, imports fell 18.8%, much lower than expected | Reuters

BEIJING (Reuters) – China’s exports fell 11.2 percent in January from a year earlier, while imports fell 18.8 percent, data from China’s General Administration of Customs showed on Thursday, sharp declines in both forecasts. Against the backdrop of sluggish demand at home and abroad, the content urged the government to take measures to counter the economic slowdown and market turmoil.

Exports fell for seven consecutive months, while imports fell for 15 consecutive months.

A Reuters poll expected exports to fall 1.9 percent and imports to fall 0.8 percent.

The trade surplus hit a record $63.3 billion, beating expectations ($58.85 billion). It was $60.09 billion in December.

Exports have fallen about 6 percent against the dollar since the government took office last August.RMB=CFXSIt went down despite accepting the low price. The depth of overseas demand is highlighted again.

“Overall, we think the sharp decline in trade in January reflected weak external demand, especially for neighboring countries and regions such as South Korea and Taiwan,” ANZ economists Ligang Liu and Louise Lin wrote in a research note. Exit.” Get out.

According to a report on the 13th, Zhou Xiaochuan, governor of the People’s Bank of China, said in an interview with a Caixin reporter that it is necessary to maintain the stability of the renminbi and let speculators drive market sentiment, emphasizing that no.

Premier Li Keqiang said the government would not use the yuan’s depreciation to boost exports, but some policy advisers have called for further depreciation.

“Today’s data shows that the yuan is still under downward pressure. The recent strengthening of the yuan both onshore and offshore suggests that the yuan is resisting speculative efforts,” said Commerzbank senior economist in Singapore. “The bank’s efforts,” he said.

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In terms of export destinations, exports to the largest market, the United States, fell by 9.9% year-on-year in dollar terms, and exports to the EU fell by 12%.

Customs officials expect downward pressure on exports to ease from the second quarter.

A Commerce Ministry official said the administration would not set a trade target for this year.

Some analysts said January trade data, which was volatile due to the influence of Hong Kong, could be further distorted by fake invoices, often used to mask speculation in the yuan. Trade fell much less than expected in December, but fraudulent transactions may have played a role, the report said.

Hong Kong’s dollar-denominated exports to mainland China fell 2.6 percent year-on-year, while imports rose 108.1 percent, customs data showed.

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