China exports surge in January

February 10, 2010

, BEIJING, Feb 10 – China\’s exports surged 21 percent in January from a year earlier, the government said Wednesday, a day after figures showed the Asian giant had overtaken Germany as the world\’s leading exporter in 2009.

Shipments totalled 109.475 billion dollars for the month, solidifying a turnaround recorded in December, according to figures released by the General Administration of Customs.

The figure however showed a 16.3 percent drop month-on-month.

China\’s trade surplus reached 14.17 billion dollars in January, the figures showed.

On Tuesday, Germany ceded to China the title of top global exporter that it had claimed in 2003, as the European giant\’s trade suffered its sharpest slump since 1950, according to government data.

The stronger Chinese exports in January indicated growing US and European demand, a sign the global economy "is coming out of recession" said Robert Subbaraman, economist at Nomura International (HK) Ltd in Hong Kong.

Meanwhile, China\’s imports jumped 85.5 percent in January compared to the same month in 2009, reaching 95.3 billion dollars.

"A lot of those imports are parts and components that will eventually feed into exports. So it is a harbinger of the exports pick-up continuing," Subbaraman said.

"But also I think it reflects the strength of China\’s own demand on the back of the investment boom and an unfolding consumption boom as well."

China announced a massive four-trillion-yuan (586-billion-dollar) stimulus package in late 2008, with much of the money targeted at large infrastructure and other projects aimed at boosting domestic demand.

China\’s leaders have called more domestic consumption, in part to lessen the economy\’s reliance on overseas demand for its exports.

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