"After a lapse of 21 months, the trade balance has once again turned into a deficit.

According to customs statistics, the export value of furniture and equipment for January-February was 44.38 billion yuan, a decrease of 21.6% over the same period in 2019 (year-on-year).

From January to February, the cumulative export value of furniture, lamps, lighting fixtures and equipment, ceramics and textile products related to the household industry was 1.8 trillion yuan, a year-on-year decrease of 21.3%.

Overall, in the first two months of this year, China ’s total value of imports and exports of goods trade was 4.12 trillion yuan, a year-on-year decrease of 9.6%. Among them, exports were 2.04 trillion yuan, a decrease of 15.9%; imports were 2.08 trillion yuan, a decrease of 2.4%; the trade deficit was 42.59 billion yuan, with a surplus of 293.48 billion yuan in the same period last year.

Exports of labor-intensive products fell year-on-year. Except for furniture, textiles were 96.23 billion yuan, down 18.7%; lamps were 24.88 billion yuan, down 19.8%; ceramics were 16.3 billion yuan, down 34.5%.

Imports and exports to ASEAN and countries along the "Belt and Road" have grown against the trend. The value of imports and exports increased by 2.0% and 1.8%, respectively. For the first time, the ratio of imports and exports to the “Belt and Road” nations exceeded 30% of total imports and exports.

Imports and exports to the European Union, the United States and Japan declined. The total value of Sino-US trade was 422.5 billion yuan, a decrease of 19.6%, accounting for 10.2% of China's total foreign trade value. Among them, China ’s exports to the United States were 300.1 billion yuan, a decrease of 26.5%; imports from the United States were 122.4 billion yuan, an increase of 4.3%; the trade surplus with the United States was 177.7 billion yuan, a narrowing of 38.9%.

From the January-February import and export data, the impact of Coronavirus on the economy appeared in February. After 21 months, the trade balance turned into a deficit again. Overall, the decline in exports was large, mainly due to the February shutdown. The resumption of work started in March in an orderly manner, and the chain will be improved, but it is still not optimistic compared with the same period last year.