Slumping exports have led to a dramatic plunge in China’s trade surplus in February, the South China Morning Post reported. A source close to the Ministry of Commerce told the paper that both exports and imports last month had dropped by more than 20% year-on-year, resulting in a trade surplus of US$7 billion. This would represent a steep drop-off from the US$39.1 billion trade surplus China recorded in January, which itself was down from a record US$40.09 billion trade surplus seen in November. Exports in January fell 17.5% year-on-year while imports fell 43.1% year-on-year. Analysts expect exports to slow further this year, with some projecting that that China could post a trade deficit by as early as June.