Chinese trade numbers for February were out late yesterday and were evidence of last year’s spectacular series of policy errors. Exports dropped -1.3% year on year while imports launched 38%:
The trade surplus collapsed to a deficit of -$9.15bn. The marvelous Chines technocrat in action!
The huge swing was primarily the result of rocketing commodity imports. Iron ore imports were 83.5mt, up 13% year on year and coal was 17.68mt up 49%:
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