China’s foreign trade showed signs of stabilizing in March with export and import both beating bearish market expectations, official data showed Tuesday, April 14, according to China Internet Information Center.
Exports dipped 3.5 percent year on year in yuan terms in March while imports climbed 2.4 percent, data from the General Administration of Customs (GAC) showed.
In March, foreign trade of goods totaled 2.45 trillion yuan (about 348 billion U.S. dollars), down 0.8 percent year on year, compared with a decline of 9.5 percent during the January-February period, the GAC said.
In the first quarter, foreign trade of goods fell 6.4 percent year on year to 6.57 trillion yuan.
Exports dropped 11.4 percent to 3.33 trillion yuan while imports dipped 0.7 percent to 3.24 trillion yuan during the first three months, resulting in a trade surplus of 98.33 billion yuan, down 80.6 percent year on year, customs data showed.
China’s trade with countries along the Belt and Road bucked the trend of weakened growth in the first three months, rising 3.2 percent year on year.
As the COVID-19 pandemic has wreaked havoc on global economy, a contraction in global demand will inevitably show its impact on China’s exports and the difficulties ahead can not be underestimated, Li said.
The World Trade Organization predicted that global trade would fall by between 13 percent and 32 percent in 2020 due to disruptions caused by COVID-19, and all regions of the world are expected to suffer double-digit declines in their trade.