The Chinese Customs Office released its trade data on Tuesday. China's trade surplus dropped to $32.59 billion in February from $63.30 billion in January, beating expectations for a decline to a surplus of $50.15 billion.

Exports fell at an annual rate of 25.4% in February, the biggest drop since May 2009, while imports slid at an annual rate of 13.8%, the fifteenth consecutive decline.

Chinese New Year is likely to have some impact on the data. Nevertheless, the trade data indicates that there is the slowdown in the Chinese economy.