China's imports drop sharply in January, exports also down

AP News
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Posted: Feb 07, 2015 11:25 PM

BEIJING (AP) — Both China's imports and exports declined in January, the government said Sunday, in a sign of continued weak demand.

Exports dropped 3.2 percent to 1.23 trillion yuan ($200 billion) in January year-on-year, compared with a 9.7 rise in December, according to the General Administration of Customs.

Imports tumbled 19.7 percent to 860 billion yuan ($140 billion) after a decline of 2.4 percent a month earlier.

The trade surplus — or the amount exports exceed imports — expanded 87.5 percent to 366.9 billion yuan ($60 billion).

China's trade figures early in the year are often volatile because companies rush to fill orders before shutting down for the Lunar New Year, which falls in January or February.

Chinese demand for imported oil, iron ore, food and other goods has cooled as economic growth slowed.