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BEIJING: China said Wednesday that exports soared for the third straight month in February and at their fastest pace in three years, which analysts said could leave Beijing more open to a stronger yuan.
Overseas shipments grew 45.7 per cent on-year last month to US$94.5 billion, the customs bureau said, cementing a turnaround that began in December when a year-long decline ended.
China's export data is being closely watched for clues to the state of the world's third-largest economy and for signs of recovery in crisis-hit markets such as the United States and Europe.
Analysts said the latest figures reflected improving demand for Chinese-made products, even though they compare with February 2009 when shipments plunged 25.7 per cent due to the global crisis.
"It's obviously impacted by the low base effect but there were five fewer (business) days in February this year than last year which makes this number pretty impressive," Royal Bank of Canada senior strategist Brian Jackson told AFP.
China's Lunar New Year, the nation's most important holiday, came in February this year. In 2009, it came in late January.
Analysts said the strong exports data could make Beijing more comfortable with letting the yuan appreciate.
The value of the yuan - effectively pegged to the US dollar since mid-2008 - has been a source of friction with China's Western trading partners, who say Beijing is keeping it artificially low to boost exports.
Central bank governor Zhou Xiaochuan said last weekend that the policy of keeping the yuan stable against the US dollar was temporary and would be removed "sooner or later" once the global recovery was on a firmer footing.
“The recovery seems to have gained legs and this will give China's government more confidence to start revaluing the yuan," said Ren Xianfang, an economist at IHS Global Insight in Beijing.
China's trade surplus reached US$7.61 billion in February, the new figures showed, up 57.2 per cent year-on-year.
Imports rose 44.7 per cent year-on-year in February to US$86.9 billion.
China has tried to play down expectations for a strong pick-up in exports this year, with commerce minister Chen Deming saying at the weekend it could take up to three years to return to pre-financial crisis levels.
But Deutsche Bank economist Ma Jun said February's "very strong" data suggested Chen was "too pessimistic".
"We forecast this year's exports will sharply exceed expectations," Ma told AFP.
The data marked a continuation of a turnaround in December, when exports grew 17.7 per cent, snapping a string of 13 straight declines. That was followed by a 21 per cent year-on-year increase in January.
In February China became the world's leading exporter when Germany, which had claimed the spot since 2003, saw trade suffer its sharpest slump since 1950.
- AFP/yb
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