China’s exports grow 46% on year in February
China’s exports surged for the third consecutive month in February by 45.7% to $94.5 billion compared with a year ago and represented the fastest pace since March 2007.
China‘s economy, which is currently the world’s third largest, saw double digit growth in the fourth quarter of 2009 and the economy is now on target to surpass Japan and become the world’s no.2 economy.
Many analysts have described China’s recovery as “impressive” as Asia leads the way in the global recovery.
The economy grew by 8.7% in the 2009 year – which exceeded the Government’s initial expectations.
In the meantime, China’s exports beat analysts’ expectations of a rise of between 35% and 40%. The data is closely monitored since it provides signs of recovery in struggling markets such as the US and Europe.
Meanwhile, China’s imports also grew strongly – rising by 44.7% last month, boosted by the Government’s economic stimulus package.
As a result, China’s trade surplus reached a one-year low of $7.6 billion for February.
In February, it was announced that China had overtaken Germany as the world’s biggest exporter. Germany had held the top spot since 2003.
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