BEIJING, March 7 Reuters China39;s exports for the JanuaryFebruary period fell, pointing to continued weakness in foreign demand and backing government concerns that a global slowdown will hamper the country39;s recovery from pandemicera damage.
Imports dropped, too, government data showed on Tuesday, also reflecting weak foreign demand, since the country brings in parts and materials from abroad for many of its exports.
Given the high inflation in the U.S. and Europe, demand from there should keep weakening, which also dampens the processing demand in China, said Iris Pang, chief economist for Greater China at ING.
Exports in January and February were 6.8 lower than a year before, after a 9.9 annual fall seen in December. The result was, however, better than the average expectation in a Reuters poll for a fall of 9.4.
Imports were 10.2 weaker, a worse result than in December, when they were 7.5 lower than a year earlier. They greatly missed the poll estimate for a 5.5 drop.
The data came as a result of worsening global demand for goods, given the fact that the export decline happened not only in China, but also among other major Asian exporters, such as South Korea and Vietnam, said Xu Tianchen, economist and the Economist Intelligence Unit, referring to other recent data.
A 26.5 plunge in China39;s imports of semiconductors indicated a shrunken market for the consumer electronics exports that such parts are used to make.
China has set a target for gross…