Shipping containers are stacked at a port in Lianyungang, in eastern China’s Jiangsu province on April 12, 2024. Chinese exports plunged more than expected in March, official figures showed on April 12, as the world’s second-largest economy struggles to sustain its post-pandemic recovery. (Photo by AFP)
BEIJING, China — Chinese exports plunged more than expected last month, official figures showed Friday, as the world’s second-largest economy struggles to sustain its post-pandemic recovery.
Shipments sank 7.5 percent on-year, while imports shrank 1.9 percent, the General Administration of Customs said.
A Bloomberg survey of economists had forecast exports to fall just 1.9 percent and imports to rise 1 percent.
The slump was “to a large extent… due to the fact that March this year has two working days less than March last year”, said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
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“The working day effect distorts the picture, as it often does in the first quarter due to Chinese holidays.”
He added that comparing Chinese trade over the first quarter of the year instead of a monthly basis “shows a reasonable story about external demand”.
The government is trying to firm up slowing growth as global demand continues to show signs of weakness.
They are also battling deep-seated domestic issues ranging from a debt-battered property sector to high youth unemployment and low consumption.
Consumer prices narrowly averted falling into deflation territory last month in a rare bright spot for policymakers.
Beijing has set an annual GDP growth target of around 5 percent for this year, and quarterly growth figures are expected in the coming days.