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China trade surplus narrows 59.7% YOY in January

The total value of China's imports and exports in January, in yuan terms, rose 16.2% year over year to 2.51 trillion yuan, data from the country's General Administration of Customs showed.

Exports grew 6% year over year to 1.32 trillion yuan, while imports climbed 30.2% to 1.19 trillion yuan, yielding a narrowed year-over-year trade surplus of 59.7% to 135.8 billion yuan.

In dollar terms, China's exports in January rose 11.1% from a year earlier while imports increased 36.9%, resulting in a trade surplus of $20.34 billion for January, the lowest since a rare trade deficit in February 2017, Reuters reported, citing customs data.

China's January exports to the U.S. grew by an annual 7.5% to 248.35 billion yuan, while imports from the U.S. were up 20.5% to 103.59 billion yuan, China customs data showed. Trade surplus with the U.S. narrowed by an annual 0.2% in January to 144.76 billion yuan.

As of Feb. 7, US$1 was equivalent to 6.27 Chinese yuan.