China’s surge in exports in January was widespread across product categories. The most significant growth came in electronic circuits, where exports climbed 27.8% year over year, as well as a 9.5% rise in exports of computer systems. Phone-makers, led by Apple, likely did less well after a 19.5% year over year drop in telecoms equipment exports. That followed a 5.5% decline in the fourth quarter and confirms analysts’ expectations for declining phone sales this year. Furthermore a 7.6% drop in imports of semiconductors – the third straight decline – would suggest the remainder of the ...