CN – According to the customs administration in Beijing, China’s exports plummeted by 25.4% compared to last year down to 126.2 bil. US Dollars (approx. 115 bil. Euros) in February – the strongest decline since 2009. The imports of goods also declined significantly in February, by almost 14% down to 93.6 bil. US Dollars (approx. 85 bil. Euros).
Experts, who had indeed expected a further decline to occur, albeit not to this extent, are concerned about the poor economic situation in China, the exports had already decreased by 11% in January. On the other hand, according to the estimates of several economists, the poor figures are among other things attributable to the Chinese New Year celebrations, which took place on February 8, this year. As such, other than usual, the decline of the economic activities before the celebrations, the holiday week itself and also the hesitant rebooting of the Chinese economy afterwards all took place within the same month, which had an additional impact on the already weak export figures.
China’s trade figures already plummeted by 8% last year, the ongoing economic boom thus seems to have definitely come to an end. The experts are only expecting economic growth of between 6.5% and 7% for the current year.