China January trade surplus up 88% to 367 billion yuan

11:34 AM | 8 Feb, 2015
China January trade surplus up 88% to 367 billion yuan
BEIJING (APP) - China's trade surplus rose 88 percent to reach 367 billion yuan in January, as the country's imports declined more rapidly than its exports, official data said on Sunday.

Exports from the world's second-largest economy fell 3.2 percent year-on-year to 1.23 trillion yuan in January, while imports decreased 19.7 percent to 860 billion yuan, the General Administration of Customs said on its website.

The latest figures come after China's trade surplus soared 47.2 percent in 2014 to a record $382.46 billion. In December alone, the surplus nearly doubled to $49.6 billion, though fell short of November's all-time monthly high of $54.47 billion.

China's huge trade surpluses were long a source of friction between Beijing and Washington, as the workshop of the world pumped out manufactured goods and US debt mounted, but the issue has receded in more recent years.

Official data showed last month that China's economy grew 7.4 percent in 2014, its weakest for almost a quarter of a century, and slower than the 7.7 percent in 2013.

Growth in gross domestic product (GDP) during the final quarter of last year was 7.3 percent year-on-year, matching the previous three months.