EXPORT growth in China dropped to its lowest level in almost two years, while imports stayed relatively the same in April as increasing Covid curbs stopped factory production, reports Reuters
EXPORT growth in China dropped to its lowest level in almost two years, while imports stayed relatively the same in April as increasing Covid curbs stopped factory production, reports Reuters. Exports in dollar terms grew 3.9 per cent in April from a year earlier, dropping sharply from the 14.7 per cent growth reported in March although slightly better than analysts' forecast of 3.2 per cent. It was the slowest pace since June 2020.
Imports were broadly stable year-on-year, improving slightly from a 0.1 per cent fall in March and a bit better than the three per cent contraction tipped by the Reuters poll.
The weak figures show China's trade sector, which accounts for about a third of gross domestic product, is losing momentum as lockdowns across the country ensnared supply chains in major centres like Shanghai, heightening risks of a deeper slowdown in the world's second-largest economy and beyond.
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