trade
China’s exports better than expected – but imports fall
Chinese exports increased significantly in March. Photo: Uncredited/CHINATOPIX/dpa
© dpa-infocom GmbH
Chinese exports increased significantly in March. On the other hand, there were surprising losses in imports. This is also related to Corona.
Chinese exports grew more than expected in March. However, imports have surprisingly dropped significantly, while strict corona measures in China are putting pressure on consumption.
As the customs administration reported in Beijing on Wednesday, foreign trade calculated in US dollars grew by a total of 7.5 percent in March compared to the same month last year to 504 billion US dollars (465 billion euros).
Exports climbed 14.7 percent to $276 billion, while imports fell 0.1 percent to $228 billion. Experts had assumed slightly lower export growth, but had expected a significantly higher increase in imports. In the first two months of the year, exports increased by 16.3 percent, while imports rose by 15.5 percent.
German exporters were able to deliver less to China. Chinese imports from Germany even fell by 9.8 percent to $9.272 billion in March, while China exported 18.1 percent more to Germany at $9.488 billion. The European Union fared similarly: China imported 11.6 percent less from the EU, but exported 21.4 percent more to the community.
Despite the strong increase in exports in March, experts expect China’s export growth to be weaker in the coming weeks as the Ukraine war dampens the global recovery and thus demand. There are also logistical problems and an interruption in supply chains due to the corona lockdowns and other restrictions. China is currently experiencing its biggest corona wave since the outbreak of the pandemic more than two years ago.