China trade figures beat estimates

Exports in China rose more than estimated in January, helping sustain the nation’s growth rebound, Bloomberg reported. Overseas shipments increased by 25% compared to the same month last year, the customs administration announced today, beating the 17.5% average estimate based on Bloomberg News’ survey of 33 economists. Imports grew 28.8%, but China nevertheless posted a trade surplus of US$29.15 billion. Economic indicators are distorted annually in the first two months of the year with the Lunar New Year holiday, which will start Saturday this year. January had five more working days this year than last year.