China’s exports and imports fell significantly more than expected in the month of February, data published Friday by the country’s customs administration showed.
China's trade surplus with the U.S. narrowed to $14.7 billion for the month, from $27.3 billion in January.
China’s February exports plummeted 20.7 percent from the same period a year prior, and imports dropped 5.2 percent from a year earlier, considerably more than expected. According to a Bloomberg News poll, the forecast was 5.0 percent and 0.6 percent respectively.
Recent economic data reveal the difficulties China faced in the fourth quarter of 2018 as its growth rate slowed to 6.4 percent.
In January, an import barometer of prices in the industrial sector neared contraction, while manufacturing activity in February marked the worst performance in three years.
China’s government announced major tax cuts, fee reductions and a looser monetary policy to combat the economic growth slowdown.
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