China’s exports in April shrink due to COVID restrictions

China posted a trade surplus of $51.12bn in the month compared to the forecast of a $50.65bn surplus due to COVID restrictions. Source: Al Jazeera

Beijing: China’s export growth slowed to single digits in April, while imports were unchanged as stricter and wider COVID-19 restrictions halted factory production, disrupted supply chains and triggered a collapse in domestic demand.

Rea: Oil slips as Covid cases in China weigh on prices

According to the international media, exports, in dollar terms, grew 3.9 % in April from a year earlier, compared with the 14.7% growth reported in March, while slightly beating analysts’ forecast of 3.2%. The growth was the slowest since June 2020.

Imports were unchanged year-on-year last month, improving slightly from a 0.1% fall in March and a little better than the 3.0%.

China posted a trade surplus of $51.12bn in the month compared to the forecast of a $50.65bn surplus. The country reported a $47.38bn surplus in March.

Beijing’s efforts to curb the country’s largest COVID-19 outbreaks in two years have clogged highways and ports, restricted activity in dozens of cities – including the commercial hub of Shanghai – and forced companies from Apple supplier Foxconn to automakers Toyota and Volkswagen to suspend some operations.

Factory activity was already contracting at a sharper pace in April, raising fears of an economic slowdown in the world’s second-largest economy, which would weigh on global growth.

Previous articleSherry Rehman terms PTI’s strategy of jamming major cities ‘unfortunate’
Next articleImran Khan to launch ‘PTI Raabta’ app today