China’s March exports rebound to five-month high but imports fall more than expected GlobeBusiness
Steel pipes to be exported are seen at a port in Lianyungang, Jiangsu province, China May 31, 2018. China Daily via REUTERS/File PhotoChina’s exports rebounded in March but imports shrank for a fourth straight month and at a sharper pace, painting a mixed picture of the economy as trade talks with the United States reach their endgame.
Shipments picked up around 3 per cent month-on-month, suggesting some improvement in foreign demand, Julian Evans-Pritchard, senior China economist at Capital Economics, said in a note. But he said exports have yet to fully recover from a sharp slowdown late last year. Imports fell 7.6 per cent from a year earlier, worse than analysts’ forecasts for a 1.3 per cent fall and widening from February’s 5.2 per cent drop.
Total bank lending in the first three months of 2019 hit a record quarterly tally of 5.81 trillion yuan, suggesting months of policy loosening by the central bank are starting to bear fruit. Washington and Beijing have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices,” U.S. Treasury Secretary Steven Mnuchin said on Wednesday.
Policymakers have acknowledged the economy is under pressure as multi-year debt and pollution crackdown have deterred investment, while the trade war is increasingly hurting China’s exporters and their domestic supply chains.
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