Saturday 10 December 2016

China's March exports shrink 15 percent year-on-year in shock fall

Published 13/04/2015 | 07:46

A man walks past the People's Bank of China HQ in Beijing Picture:Tomohiro Ohsumi
A man walks past the People's Bank of China HQ in Beijing Picture:Tomohiro Ohsumi

China's export sales contracted 15pc in March while import shipments fell at their sharpest rate since the 2009 global financial crisis, a shock outcome that deepens concern about sputtering Chinese economic growth.

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The tumble in exports - the worst in about a year - compared with expectations for a 12pc rise and could heighten worries about how a rising yuan has hurt demand for Chinese goods and services abroad, analysts said.

In a sign that domestic demand was also tepid, imports into the world's second-biggest economy shrunk 12.7pc last month from a year ago, the General Administration of Customs said on Monday.

That was the biggest slump in imports since May 2009, and compared with a Reuters poll forecast for a 11.7pc drop.

Buffeted by lukewarm foreign and domestic demand, China's trade sector has wobbled in the past year on the back of the country's cooling economy, unsettling policymakers.

Chinese Vice Premier Wang Yang was quoted by Xinhua state news agency as saying earlier this month that authorities must act to arrest China's export slowdown lest it further dampens economic growth.

Reuters

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