Foreign Trade Sees Strong Uptick Post-Spring Festival

Ni Yuefeng, director of China’s General Administration of Customs said on March 9 that China’s cargo imports and exports ramped up quickly following the Spring Festival holidays (February 4-10). According to Ni, imports and exports grew by 21 percent in mid- to late-February, compared to the same period in 2018. The same figure up to March 9 saw a 24.7 percent year-on-year growth. Yet, on a monthly basis, China’s February import and export numbers suffered a 13.8 percent year-on-year drop, reportedly the lowest point since March 2016, with exports alone falling by 20.7 percent and imports by 5.2 percent. Ni said the drop was largely due to the Spring Festival when many firms close down for around two weeks. He said that the post-Festival rise has given him confidence for trade growth in the next quarter.