China's 2014 trade rises only 3.4% as surplus soars

Beijing

CHINA's trade grew 3.4 per cent in 2014, missing its official target by far with trade surplus surging to a record US$382.46 billion, mainly due to imports underperforming throughout the year due to lagging internal demand and weak commodity prices.

Exports rose 6.1 per cent in 2014, down from an increase of 7.9 per cent in 2013. Imports were up a mere 0.4 per cent, down from growth of 7.3 per cent in 2013. China had set an official trade target of 7.5 per cent growth, which has now been missed for three consecutive years.