Exports jump as economy recovers

China’s exports surged more than 20% in February on-year despite the Lunar New Year holiday, data showed, in another sign of recovery for the world’s second-largest economy. The jump in exports helped China to record a surprise trade surplus of US$15.3 billion in February, although it narrowed from US$29.2 billion in January, the General Administration of Customs said in a statement.

The market had expected a trade deficit of US$16 billion, according to the median forecast in a poll of 13 economists by Dow Jones Newswires. Exports jumped 21.8 percent year-on-year to US$139.4 billion in February, while imports dropped 15.2 percent to US$124.1 billion, customs said.Analysts said the strong exports growth was a good sign for the economy, but suggested the weakness in imports may have been due to factories shutting down for the week-long holiday, reducing demand for raw materials and components.