Trade in January and February can be distorted by the week-long Lunar New Year holidays, with business slowing down weeks ahead of time and companies scaling back operations. This year, the holiday fell on January 28th.
Considering the first two months of 2017, total trade in USD went up 13.3 percent from a year earlier. Exports rose 4 percent, boosted by higher shipments of electronics (6.7 percent), high-tech products (9.1 percent), handheld radiotelephones and parts (15.4 percent) and automatica data processing equipment and components (6.5 percent). In contrast, sales fell for clothing and accessories (-10.5 percent) and textile yarn, fabric and products (-7 percent). Exports were higher to Hong Kong (1.5 percent), India (5.3 percent), Japan (2.4 percent), South Korea (16.3 percent), Taiwan (13.1 percent), ASEAN countries (7.5 percent), the EU countries (1.9 percent), South Africa (10.7 percent), Brazil (31.3 percent), Russia (15.5 percent), the US (4.4 percent), Australia (1.7 percent) and New Zealand (2.3 percent).
Imports jumped 26.4 percent, mainly due to higher purchases of electronics (15.1 percent), high-tech products (16.5 percent), integrated circuits (17.9 percent), crude (70.1 percent), agricultural products (24.3 percent) and iron ore and concentrates (94.6 percent). The European Union was the main import partner (imports rose 19.4 percent), followed by the ASEAN countries (imports up 29.5 percent), South Korea (15.7 percent), the US (32.8 percent), Japan (24.7 percent), Taiwan (21.5 percent) and Australia (77.6 percent).