China posted a $39.2 B surplus in January
China posted a $39.2 B surplus in January, down from $57.1 B in December thanks to a bounce in exports and a decline in imports. Exports jumped 9.1% y/y, rebounding from December's 4.4% y/y decline. And though good news amid worries over slowing global growth, the improvement may have been a function of Lunar New Year in early February and an attempt to ship goods ahead of the holidays. Imports fell 1.5% y/y after tumbling 7.6% y/y previously. The surplus with the U.S. slipped to $27.3 B frm $29.9 B previously, and is down from the recent high of $35.4 B in November. On a 12-month basis the surplus shrunk 13.9% y/y. Exports to the U.S. were 16.8% of the total last month, bested only by the 17.8% to the EU, while 13.6% went to Asean. The share of U.S. imports to China was 5.2% in January, with 14.5% fro the EU, and 12.5% from the Asean region.