(MENAFN- Qatar News Agency) China recorded an unexpected trade deficit of $US22.98 billion ($A25.37bn) in February, official figures show, with authorities blaming the country's holiday season for the weak performance.
The figure compared with a surplus of $US14.8bn in the same month last year, and a median forecast of an $US11.9bn surplus in a poll of 13 economists by Dow Jones Newswire
Exports fell 18.1 per cent to $US114.10bn, while imports were up 10.1 per cent to $US137.08bn during the month, which included most of the Lunar New Year holiday, the General Administration of Customs sai
"The Spring Festival factor caused sharp fluctuations in the monthly growth rate as well as the monthly deficit," Customs said in a statement accompanying the dat
Chinese traders followed their "business habit" of bringing forward exports ahead of the holiday, and focusing on imports immediately afterwards, it adde
In response to the weaker-than-expected Chinese data, the iron ore price fell more than two per cent to be trading at US114.20 a tonne according to the Steel Index, The Australian Financial Review report
According to the newspaper, that is the lowest price since June 2012
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