Chinese sales collapse – La Prensa (Nicaragua)

China’s exports suffered in February its worst collapse in seven years despite the weakness of the yuan, according to data released yesterday and increase pressure for the country to reorient the focus of its growth to the domestic market.

the data, worse than projected by analysts, also increase fears of a “hard landing” of the second world economy, just days after the government cut its growth expectations for this year and promised reforms to boost activity.

Asian giant’s exports in February totaled 126,100 million, down from 25.4 percent over the same month of 2015, according to data released by the Chinese customs. This is the lowest monthly turnover since April 2009, in the morass of the global economic and financial crisis.

The experts polled by Bloomberg News were betting on a fall much lower exports, 14.5 percent.

China is the main exporter of goods on the planet but their signatures have been hit by the weakness of its main markets in a context of low global economic dynamism.

As a result of that process, its own economy slowed, affecting large exporters of commodities such as Australia or Brazil.

a process that is reflected in the drop in Chinese imports, which in February recorded its 16th monthly contraction consecutive, 13.8 percent, totaling 93,600 million. That figure is also worse than the contraction of 12 percent expected by traders surveyed by Bloomberg.

Thus, China had in February a trade surplus of 32,600 billion, a decline of 46.2 percent compared to February 2014.

“the surpluses with major partners in the country have fallen” in the first two months of the year, said Chinese Customs.

exports of goods labor-intensive, such as mechanical and electrical appliances work fallers especially strong, accurate that administration in a statement.

BAGS ARE RECOVERING

the Chinese markets accused the blow of new data, but soon they restored. The Shanghai Stock Exchange closed with gains even 0.14 percent, having reached falling more than 2 percent during the session. Hong Kong also closed up 0.73 percent.

The new fall in exports (this is his eighth monthly drop in a row) despite two devaluations of the yuan occurs, in August 2015 and January this year. These depreciations fueled suspicions, rejected by Beijing, that is deliberate measures for cheaper Chinese products.