Mar.11--CHINA's trade plunged in February as weak global demand and a factory shutdown during Chinese New Year combined to depress sales, reported The Associated Press.
Exports fell 25.4 per cent year on year to US$126.1 billion, worsening from January's 11.2 per cent contraction, customs data showed. Imports shrank 13.8 per cent to $93.5 billion, an improvement over January's 18.8 per cent decline.
The trade slump has complicated Beijing's efforts to overhaul its state-dominated economy by adding the risk of politically dangerous job losses. Beijing's plans call for keeping trade steady to protect millions of export-related jobs.
At the annual meeting of China's national legislature this week, the leadership refrained from announcing a trade growth target after last year's exports contracted by 2.8 per cent, falling embarrassingly short of the official goal of 6 per cent growth.
Chinese economic growth fell last year to a 25-year low of 6.9 per cent. The government has set a target of 6.5 to seven per cent this year but the International Monetary Fund and private sector forecasters expect growth to fall as low as 6.3 per cent.
The slowdown has hurt demand for industrial raw materials and other imports. February's numbers also were depressed by a two-week factory shutdown for Chinese New Year.
(Source:shippingazette)