Overview
- Official customs data show exports up 19.2% in yuan terms (21.8% in US dollars) and imports up 17.1% in yuan (19.8% in US dollars), far above Reuters’ median forecasts of 7.1% and 6.3%.
- China recorded an estimated trade surplus of roughly ¥1.51 trillion, or about $213.6 billion, for January–February, a record for the period.
- Growth was concentrated in electronics, with semiconductor exports reported up about 66.5%, alongside unexpected strength in apparel and textiles.
- Shipments to Southeast Asia and the European Union rose strongly (about 29.4% and 27.8%), while exports to the United States fell around 11% and imports from the US dropped about 26.7%; some flows to Southeast Asia may ultimately serve US demand, economists say.
- Economists caution that part of the surge likely reflects one‑off factors such as policy timing— including an April 1 change to solar‑panel rebates—plus Lunar New Year base effects, with weak domestic demand linked to the property slump still a concern.