Beijing, March 8 (IANS) China’s exports fell by 20.6 percent to $126 billion while imports dropped by eight percent to $941 billion in February, customs data showed on Tuesday.
The decline in exports widened from a 6.6 percent decrease in January, but that of imports narrowed from 14.4 percent in January, according to the figures from the General Administration of Customs (GAC).
The monthly foreign trade surplus shrank by 43.3 percent to $321 billion in February, down from $624 billion in January, Xinhua news agency reported.
Total foreign trade value in February fell by 15.7 percent, a steeper decline than the 9.8 percent contraction seen in January.
Trade with China’s biggest trade partner, the European Union, dropped by 9.7 percent in the first two months of 2016, GAC data showed.
In the same period, trade with the US, its second biggest trade partner, went down 12.2 percent and that with the Association for Southeast Asian Nations (Asean), the third largest trade partner, dipped 14.9 percent.
Foreign trade in the first two months was 12.6 percent lower than 2015 with exports down 13.1 percent and imports down 11.8 percent.
In the first two months of this year, the trade surplus narrowed by 15.9 percent to $946 billion.
In dollar-denominated terms, China’s exports fell 25.4 percent in comparison with 2015, worsening from the 11.2 percent decline in January.
Imports dropped by 13.8 percent, a moderate decrease in comparison with 18.8 percent in January.