China Trade deficit record 2012
China recorded in February its largest trade deficit in over a decade, from 31.48 billion dollars, due to a surge in imports, particularly oil, according to figures reported Saturday by China Customs. Imports jumped 39.6% year on year to 145.96 billion dollars, while exports rose 18.4% to 114.47 billion USD, have detailed the Customs on their website.
Imports grew far beyond the expectations of economists polled by Dow Jones agency, who on average expected 26% increase, while exports are well below their forecasts, which were 28.8% increase. The expected deficit by these economists was 8.5 billion only.
Record for 12 years
This is the largest trade deficit ever recorded in a single month by China since at least 2000, according to Dow Jones agency. For the first two months of the year, China has a trade deficit of 4.25 billion. In January, it had a surplus, but the volume of China's foreign trade had shrunk because of the impact of Chinese New Year celebrations.
The high level of imports is mainly due to oil imports, which hit last month to a record volume of 23.64 million tons, amounting to 19.47 billion dollars.
Imports grew far beyond the expectations of economists polled by Dow Jones agency, who on average expected 26% increase, while exports are well below their forecasts, which were 28.8% increase. The expected deficit by these economists was 8.5 billion only.
Record for 12 years
This is the largest trade deficit ever recorded in a single month by China since at least 2000, according to Dow Jones agency. For the first two months of the year, China has a trade deficit of 4.25 billion. In January, it had a surplus, but the volume of China's foreign trade had shrunk because of the impact of Chinese New Year celebrations.
The high level of imports is mainly due to oil imports, which hit last month to a record volume of 23.64 million tons, amounting to 19.47 billion dollars.
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