China Exports Log Slower Growth; Imports Decline
(RTTNews) - China's exports grew at a slower pace in April and imports posted a sharp decline signaling that the expected rebound in the economy after the lifting of Covid controls is unlikely to last long.
Exports registered an annual growth of 8.5 percent in April, the General Administration of Customs reported Tuesday. Economists had forecast shipments to climb 8.0 percent after a 14.8 percent gain in March.
On the other hand, imports declined 7.9 percent annually, which was much bigger than March's 1.4 percent drop and economists' forecast of 5.0 percent decrease.
As a result, the trade balance showed a surplus of $90.21 billion in April. This was well above the expected level of $71.6 billion. The surplus totaled $88.2 billion in March.
Exports to the US decreased 6.5 percent from a year ago and imports dropped around 3 percent in April.
The latest Purchasing Managers' survey showed that new export business grew only slightly in April after a fractional reduction in March.
The survey revealed that the private sector growth moderated in April from a nine-month high. Although the pace of growth was slowest since January, the overall expansion was solid. Recent official data suggested that China's economy rebounded at the start of the year after the lifting of the pandemic-related restrictions. The economy grew at a faster pace of 4.5 percent in the first quarter after the 2.9 percent growth posted in the fourth quarter of 2022.
The International Monetary Fund had projected China's economy to grew 5.2 percent this year and 4.5 percent in 2024.
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