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China’s trade surplus reaches record high in Jan

by ChemOrbis Editorial Team -
  • 10/02/2015 (11:44)
According to a report released by China’s Customs Administration, the country’s trade surplus recorded an all time monthly high to reach $60 billion in January. The country’s exports decreased 3.3% on the year while imports slumped 19.9% in January. Economists’ initial estimates called for an increase of 6.3% for exports and a decrease of 3% for imports.

On a monthly basis, China’s exports declined 12% while imports dipped 21.1% in January. The larger than expected decrease was attributed to a slump in commodity imports, especially coal and crude oil. According to the report, China’s coal imports decreased almost 40% to 16.78 million tons compared with 27.2 million tons in December while crude oil imports slid 7.9% in January.

In 2014, the Chinese economy slowed to a 24-year low. The country’s gross domestic product (GDP) grew 7.4% in 2014 compared with a growth rate of 7.7% in the previous year, missing the government’s economic growth target of 7.5%. The government is expected to lower its growth target to 7% this year.
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