China's Trade Gets a Boost from New Year Holiday
China's trade received a boost in January from the traditional lunar New Year holiday. Exports soared 25% from 14.1% in the previous month, while imports jumped to 28%, from the previous month's 6%, the National Bureau of Statistics reported. And inflation eased to 2% in January from 2.5% in the previous month.
According to the Associated Press:
China's trade growth has rebounded in recent months in a sign of economic recovery but longer-term trade measures are likely to show lower growth than January's double-digit increase. Analysts say the recovery will be gradual and too weak to support a global rebound without improvement in the United States and Europe.
"Seeing the underlying trend is a little difficult. Nevertheless, the data were above expectations and seem generally positive," said Moody's Analytics economist Alaistair Chan in a report.
There is nothing wrong with savoring one good month, even if it is fleeting. As least it shows that one large economy, somewhere, continues to show real progress. Happy New Year.
Filed under: 24/7 Wall St. Wire, China