Exports in China witnessed improvement but the overall trade outlook is bare as main economies remain grappled and almost shut due to increasing virus cases and deaths.
Chinese goods will likely rescind amidst mounting job losses and almost devastated economic crisis across the country.
According to the customs data showed on Thursday, overseas shipments in April rose 3.5% from a year earlier, marking the first positive growth since December last year.
Some economists attributed the rise in exports to factory closures elsewhere just as China’s manufacturers resumed after extended lockdowns due to novel Coronavirus.
“Not only was the global demand taking a hit from the coronavirus, but the shock to the production side was actually more pronounced last month,” said Nie Wen, economist at Shanghai.
The economist added that better than expected export performance could extend into May as some production constraints remain in place for other economies.
“But I’m particularly worried about the slump in foreign demand – the impact would only be fully felt later on as world factories reopen.”
Economists expect pressures to persist as the coronavirus crisis ravages the global economy.
China’s Exports Rebound In April
Imports sank 14.2% from a year earlier, the biggest contraction since January 2016 and below market expectations of an 11.2% drop. They had fallen 0.9% the previous month.
The soft imports reading was due to weak domestic demand and declines in commodity prices. The shutdowns outside China also dealt a heavy supply shock to the country’s importers.
China’s trade surplus for the period stood at $45.34 billion, compared with an expected $6.35 billion surplus and a surplus of $19.93 billion in March.
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