From The Times….

The global financial crisis has taken its toll on China, sending exports from the workshop of the world tumbling in February, slashing its trade surplus and raising the possibility of a deficit.

Exports in February slid 25.7 per cent from a year earlier, dwarfing forecasts of a 5.0 per cent fall, while imports dropped 24.1 per cent, close to projections of a 25.0 percent decline.

The resulting trade surplus was only $4.84 billion (£3.5 billion), a three-year low, compared with $39.1 billion in January and a record $40.1 billion in November, the customs administration said.

That was far short of market expectations of a figure of $27.3 billion.

Brad Setser has a more nuanced take.