China's imports record biggest increase in a year

Imports in China recorded the biggest increase in a year in February, indicating that the world's second largest economy is recovering. While imports increased in China in February, exports decreased. According to the Customs Administration, imports increased by 4.2 percent compared to the previous year, reaching $197 billion. Thus, the decline in imports in the last 4 months has also ended. Imports had decreased by 21.4 percent in the previous month. Exports, on the other hand, decreased by 1.3 percent annually during this period, falling to $214 billion. Exports had decreased by 10.5 percent in January. The jump in imports also caused the trade surplus to be realized at its lowest level since March 2021, at $16.8 billion. The Chinese New Year, which started at the end of January, also had an impact on the February figures. The increase in imports indicates that domestic demand is accelerating and demand for goods is recovering. The Beijing government is trying to balance the weakness in exports and the weak housing market with consumer spending in order to reach its growth target of around 5 percent this year. According to data released today, the country's coal imports also increased by 160 percent annually.