Beijing - China’s imports surged from a year earlier with the nation posting a rare trade deficit in February. Analysts said seasonal factors mostly explain the swing.
Imports jumped 38.1%, almost double what economists had projected, while exports slipped 1.3% in US dollar terms in February, less than the estimated 14% increase in a Bloomberg survey. That left a $9.2bn trade deficit, the first negative reading in three years.
Economists said the results were skewed because the week-long Lunar New Year holidays that shutter factories and ports across the nation occurred in February 2016 versus late January this year, distorting base year comparisons.