The global financial crisis has taken its toll on China, sending exports from the workshop of the world tumbling in February, slashing its trade surplus and raising the possibility of a deficit.
Exports in February slid 25.7 per cent from a year earlier, dwarfing forecasts of a 5.0 per cent fall, while imports dropped 24.1 per cent, close to projections of a 25.0 percent decline.
The resulting trade surplus was only $4.84 billion (£3.5 billion), a three-year low, compared with $39.1 billion in January and a record $40.1 billion in November, the customs administration said.
That was far short of market expectations of a figure of $27.3 billion.
Brad Setser has a more nuanced take.
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