BEIJING: China’s exports grew at a slower pace in April compared to the previous month, according to official data released Tuesday, as the world’s second-largest economy endures a patchy recovery from tough Covid curbs.
Rising global inflation, the threat of recession elsewhere and geopolitical tensions with the United States have weakened demand for Chinese products.
Exports growth cooled to 8.5 per cent in April in US dollar terms, after a surprise jump of 14.8pc in March, customs data showed.
Beijing’s exports to Russia leapt 67.2pc in April, year-on-year, but demand from markets elsewhere shrank.
China’s exports have grown for two months, snapping a run of five straight declines, when production was disrupted by sweeping lockdowns and delays at ports when China enforced its zero-Covid policy.
The stifling health restrictions were scrapped in December but domestic consumption remains subdued.
Imports fell much more sharply than expected in April, sliding 7.9 percent year-on-year, compared with a 1.4 percent decline in March. Analysts polled by Bloomberg had expected imports to decline by 0.2 percent.
“The contraction of imports may be partly driven by the slowdown of global demand, which in turn affects China’s imports of parts and components,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management.
Published in Dawn, May 10th, 2023