Tuesday’s data point to continued weakness in foreign demand and back government concerns that a global slowdown will hamper China’s recovery from pandemic-era damage
China’s exports for the January-February period fell, pointing to continued weakness in foreign demand and backing government concerns that a global slowdown will hamper the country’s recovery from pandemic-era damage.
Exports in January and February were 6.8 per cent lower than a year before, after a 9.9 per cent annual fall seen in December. The result was, however, better than the average expectation in a Reuters poll for a fall of 9.4 per cent. A 26.5 per cent plunge in China’s imports of semiconductors indicated a shrunken market for the consumer electronics exports that such parts are used to make.
“In dollar terms, imports declined more than exports, suggesting weak demand in both domestic and foreign markets,” said Dan Wang, chief economist at Hang Seng Bank China. Exports to the U.S. decreased by 21.8 per cent, while imports from the U.S. fell by 5 per cent. Exports to the European Union were down 12.2 per cent, with imports dropping 5.5 per cent.
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