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China's foreign trade up 45.2% in February

BEIJING, March 10 (Xinhua) -- China's foreign trade posted a 45.2 percent year-on-year growth in February, the General Administration of Customs announced Wednesday.

Exports in February stood at 94.52 billion U.S. dollars, up 45.7 percent, in a new indication of a rebound in global demand, while imports rose 44.7 percent to 86.91 billion U.S.dollars.

The large expansion was also partly due to a lower comparison base last year because of the global financial crisis.

Exports grew 8.2 percent compared with the same month in 2008 before the global downturn, while imports increased 9.8 percent.

The administration explained that February in 2008 and in 2010 had fewer working days due to the Lunar New Year holiday.

It also combined data from January and February which could show a more accurate picture of trade conditions as trade figures can be distorted by China's seven-day Lunar New Year holiday falling at different times in January and February.

Exports surged 31.4 percent to 204 billion U.S. dollars in the first two months over the same period last year. Imports stood at 182.3 billion dollars, up 63.6 percent.

The trade surplus contracted 50.4 percent in the first two months to 21.76 billion U.S. dollars.

The European Union and United States remained China's two largest trade partners. Trade with the the EU grew 34.5 percent to 65.53 billion U.S. dollars, and with the U.S., it rose 25.1 percent to 49.32 billion U.S. dollars.

Trade with the Association of Southeast Asian Nations (ASEAN) surged 66 percent to 39.12 U.S. dollars in the first two months.

ASEAN overtook Japan as China's third largest trade partner in January after the China-ASEAN free trade area was launched on Jan. 1.

Exports of machinery grew 29.4 percent to 40.73 billion U.S. dollars and exports of appliances and electrical products added 32.4 percent to 46.05 billion U.S. dollars. The two sectors accounted for 58.3 percent of total export value in the first two months.

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