The beginning of the year indicated a recovery in imports and exports in China. But the figures for March seem to nip the initial hopes in the bud.
After a recovery at the beginning of the year, Chinese foreign trade set back again in March. Exports in particular, measured in US dollars, fell significantly by 7.5 percent compared to the same month last year, as Chinese customs announced in Beijing on Friday. According to the information, imports fell by 1.9 percent. Analysts had expected the decline in exports to be smaller and even expected an increase in imports.
From January to March, imports and exports rose by 1.5 percent each year. In the same period, China exported 2.9 percent less to Germany and even imported 16.6 percent less.
The export-driven Chinese economy recorded a significant drop in exports in 2023, with a decline of 4.6 percent. In addition, the world’s second largest economy imported 5.5 percent less over the entire year. Towards the end of the year, however, there were signs of stabilization.
Economic growth of around five percent is planned
For January and February, the foreign trade balance finally beat analysts’ expectations. The value of Chinese exports rose in the first two months of this year by 7.1 percent compared to the previous year to the equivalent of 528 billion US dollars (around 484 billion euros). Imports increased by 3.5 percent to around 125 billion US dollars.
China’s government is targeting economic growth of around five percent this year. Observers consider the target to be ambitious given the economic situation in the People’s Republic, which is still under the influence of the real estate crisis and weak consumption data.
Source: Stern
