China reported a large trade deficit in February mainly due to distortion related to the Chinese New Year holidays, marking the first deficit since April 2013.
Last month, the trade deficit stood at $22.98 billion, compared with a surplus of $14.8 billion last February and $31.86 billion this January, the General Administration of Customs (GAC) said in a statement.
Total trade dropped by 4.8 percent year on year to $251.18 billion, with exports dropping 18.1 percent and imports up 10.1 percent, according to the statement.
In January, foreign trade climbed 10.3 percent, with exports rising 10.6 percent and imports up by 10 percent, previous data showed.
"The Spring Festival holiday (January 31 to February 6) factor contributed to large fluctuations in trade volume and the deficit last month," the GAC said.
Chinese companies followed their tradition of rushing to export before the holiday and prioritizing imports after it, the GAC added.
The dramatic fluctuation in the monthly trade figure has caused some concerns about the health of the trade sector.
However, GAC spokesman Zheng Yuesheng played down the fluctuation, saying that trade growth will likely return to normal after the holiday distortion goes away in March. |