China’s monthly trade surplus increased by 88% in January, reaching a record 370 billion yuan, as imports fell by 19.7% from a year earlier to 860 billion yuan — the largest fall in more than five years.

The country’s exports also fell — by 3.2% year-on-year.

Economic analysts said that these figures reflect the continued downward pressures on the Chinese economy, which grew at its slowest pace in 24 years last year and is expected to slow further in 2015.

However, they also warned that the data may have been affected by short-term factors, such as the later date of China’s Lunar New Year holiday this year.

A statement issued by Li-Gang Liu, Greater China economist for Australian bank ANZ, said: “China’s manufacturing sector is under great pressure, as both external and domestic demand remains sluggish.

“The much-weaker-than-expected import data not only reflects the fall in commodities prices, but also implies weakening domestic demand.”

Japan’s Nomura bank said that the fall in imports was led by a decline in imports of iron ore and crude oil, in part reflecting the recent low price of commodities such as oil.

It added that the trade data is consistent with an official survey earlier this month showing that manufacturing activity contracted for the first time in more than two years in January, “suggesting weakening growth momentum”.