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China Posts Record High Trade Surplus
China's trade surplus in February climbed to a record $60.6 billion, according to the country's General Administration of Customs.
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China's trade surplus in February climbed to a record $60.6 billion, according to the country's General Administration of Customs.
The previous high of $60 billion was set in January. China's surplus through the first two months of 2015 was $120.7 billion compared with $8.9 billion in the same period last year.
Exports last month surged 48% year on year to $169 billion. The government attributes the jump to companies rushing to process orders before the Chinese New Year on Feb. 19. Imports in February dropped 21% to $109 billion.
The government says China's exports in February to the European Union, U.S. and ASEAN grew 13%, 21% and 38%, respectively. Exports to those markets declined 10%, 17% and 18%, respectively.
Last week Premier Li Keqiang announced growth targets for China of about 7% for gross domestic product and 6% for trade.
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