foreign trade
China’s export growth at its lowest level in two years
China’s exports only grew by 3.9 percent compared to the same month last year. Photo: Ding Ting/XinHua/dpa
© dpa-infocom GmbH
China’s strict zero-Covid policy led to massive restrictions on cargo traffic. According to experts, the war in Ukraine is also having an impact on the Chinese economy.
Chinese foreign trade slowed down sharply in April.
Exports, calculated in US dollars, grew by only 3.9 percent compared to the same month last year, as reported by Chinese customs in Beijing. It’s the slowest growth in about two years. Imports remained unchanged with zero growth.
The background is the severe restrictions for many companies in China due to the strict Chinese zero-Covid policy, which severely affects freight traffic. According to experts, the crisis surrounding the Russian war of aggression in Ukraine and the recovery of capacities in other countries are also having an effect.
China’s foreign trade faces a “complicated and difficult external environment,” said customs statistics director Li Kuiwen. In March, exports had increased noticeably by 14.7 percent compared to the same period last year, while imports had already fallen by 0.1 percent.