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Big fall in China's trade surplus | Big fall in China's trade surplus |
(about 7 hours later) | |
China's trade surplus unexpectedly fell in February, suggesting the US slowdown is hitting demand for Chinese goods. | China's trade surplus unexpectedly fell in February, suggesting the US slowdown is hitting demand for Chinese goods. |
China exported $8.6bn (£4.3bn) more than it imported last month, down from $23.7bn in February last year, according to government figures. | |
But economists warned that February data are very sensitive to the timing of China's lunar new year celebrations. | But economists warned that February data are very sensitive to the timing of China's lunar new year celebrations. |
There was more concern that factory gate prices had risen 6.6% in the year to February. | There was more concern that factory gate prices had risen 6.6% in the year to February. |
Factory gate prices measure the amount that manufacturers are paid for their products and is a key indicator of consumer inflation to come. | Factory gate prices measure the amount that manufacturers are paid for their products and is a key indicator of consumer inflation to come. |
Premier Wen Jiabao told parliament last week that the battle against inflation is his top economic priority for the year. | Premier Wen Jiabao told parliament last week that the battle against inflation is his top economic priority for the year. |
"Virtually everything is on the rise - not just fuel, but coal and iron ore," said Jun Ma, chief China economist at Deutsche Bank in Hong Kong. | "Virtually everything is on the rise - not just fuel, but coal and iron ore," said Jun Ma, chief China economist at Deutsche Bank in Hong Kong. |
"All these things are growing much stronger than fuel, plus labour costs are going up too." | "All these things are growing much stronger than fuel, plus labour costs are going up too." |
Consumer prices figures are due out on Tuesday. | Consumer prices figures are due out on Tuesday. |
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