China reported a record since 2009 the decline in exports in February

Data on the volume of China’s foreign trade for February were worse than expected: exports fell by 25.4% compared with the same period last year, while imports decreased by 13.8%, showing a decrease of the 16th consecutive month, writes Reuters. The magnitude of the fall in exports was a record since 2009, the Agency said.

As explained by the Agency economist at Capital Economics Julian Evans-Pritchard, this significant decline in exports is due to the peculiarities of the Chinese calendar. In 2015, lunar new year and associated with it a two-week celebration came quite late on 19 February, whereas this year the holiday began on 9 February.

However, taking into account the purified seasonality from the data, the drop in exports was 17.8% and imports by 16.7%

Earlier, the Chairman of the state Committee of China development and reform Commission Xu Shaoshi said that imports declined only in monetary terms due to the fall in world prices for raw materials. Volume of imported goods, he said, was not affected and even increased Chinese imports of oil increased last year by 8.8%, iron ore and related products — 2.2%, fertilizers — by 16.7%, gas and rubber products — by 15.3%.