A fall in China's exports for the January-February period pointed to continued weakness in demand for the country's products, backing government concerns that a global slowdown will be felt at home
Imports dropped, too, government data showed on Tuesday, also partly reflecting weak foreign demand, since the country brings in parts and materials from abroad for many of its exports.
Exports in the two months were 6.8% lower than a year before, after a 9.9% annual fall seen in December. The result was, however, better than the average expectation in a Reuters poll for a fall of 9.4%. Imports were down by 10.2%, greatly missing the poll estimate for a 5.5% drop. December imports had been 7.5% lower than a year earlier.
"Given the high inflation in the U.S. and Europe, demand from there should keep weakening, which also dampens the processing demand in China," said Iris Pang, chief economist for Greater China at ING. Commerce Minister Wang Wentao on Thursday cautioned that downward pressure on China's imports and exports would increase significantly this year, because of the risk of a global recession and weakening external demand.
France Dernières Nouvelles, France Actualités
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