China’s trade balance swung to a deficit of $7.3bn in February as exports slowed during the Lunar New Year holidays.
Although China is often criticised by US politicians for running a large trade surplus, this is the second time in the past 12 months that Chinese data have revealed imports outstripping exports. As the world’s largest consumer of commodities, China’s imports have ballooned in value as prices for raw materials rise.
With many Chinese factories closing for up to a month during the holidays, the Customs Bureau cited Lunar New Year as a key factor in keeping exports low, a view echoed by analysts.
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