China's exports and imports shrank in January from year ago levels, the customs office said on Friday, massively exceeding the slowdown expected by financial markets already poised for data heavily skewed by Lunar New Year holidays.
Exports fell 0.5 percent in January versus January 2011 and market expectations of rise of 4.8 percent, while imports collapsed, sinking 15.3 percent against the same month a year ago.
That left the country with a trade surplus of $27.3 billion in January, compared with a forecast of $10.4 billion and December's $16.5 billion.
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