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China's February exports fall more than 20%- the most in three years, heighten global slowdown fears

While seasonal factors may have been at play, the shockingly weak readings from the world's largest trading nation added to worries about a global slowdown, a day after the European Central Bank slashed growth forecasts for the region.

twitter-logo Reuters        Last Updated: March 8, 2019  | 13:19 IST
China's February exports fall more than 20%- the most in three years, heighten global slowdown fears

China's exports tumbled the most in three years in February while imports fell for a third straight month, pointing to a further slowdown in the economy despite a spate of support measures.

While seasonal factors may have been at play, the shockingly weak readings from the world's largest trading nation added to worries about a global slowdown, a day after the European Central Bank slashed growth forecasts for the region.

Asian stock markets and U.S. futures extended early losses after the data. Chinese stocks sank over 3 percent.

Global investors and China's major trading partners are closely watching Beijing's policy reactions as economic growth cools from last year's 28-year low.

February exports fell 20.7 percent from a year earlier, the largest decline since February 2016, customs data showed. Economists polled by Reuters had expected a 4.8 percent drop after January's unexpected 9.1 percent jump.

Also read: China lowers GDP target to 6-6.5% amid trade war, economic slowdown

Also read: China hikes defence budget by 7.5%; it's over three times India's

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