China’s commodity trade slowed in February as the lunar new year holiday crimped imports of oil, iron ore, copper and soybeans while exports of aluminum and steel fell.
Oil and iron ore imports slowed to the weakest in three months, according to customs data released Sunday in Beijing.
Steel exports fell for the first time since August and the country shipped the smallest amount of aluminum products in four months.
The slowdown in raw materials trade reflects the impact of the country’s most-important festival, when factories and output slow before and during the weeklong holiday.
Total exports gained more than 48% from a year earlier in February, driven by a recovery in the US economy. Imports slid 20.5%, leaving a record trade surplus of £40bbillion.
Chinese Premier Li Keqiang last week announced the country set its economic growth target at 7% for this year, the lowest goal in more than 15 years, as headwinds including a property slump, excess industrial capacity and disinflation prompted the second interest-rate cut in three months.
Crude imports fell 8.7% from January, while iron ore imports slid 9.5 percent, both the lowest since November. The country remained a net oil-product importer, with inbound purchases outpacing exports by 1million tonnes.
Read more Australasia news here.
Recommended for you
