China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of Covid curbs and heaping pressure on an economy already struggling in the face of cooling global growth
. China’s economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged and the latest trade numbers point to a long road to regaining the pre-pandemic momentum at home. Inbound shipments to the world’s second-largest economy fell 7.9% year on year in April, extending the 1.4% decline seen a month earlier, while exports grew 8.5%, easing from the 14.8% surge in March, customs data showed on Tuesday.
Import stress The downturn in imports suggests the world economy won’t be able to count much on China’s domestic engine of growth, and as the nation re-exports some of its imports, it also reinforces the extent of weakness in some of its major trading partner economies. A 15.3% drop in the import of semiconductors indicate the scale of the demand-pullback in the re-export market for such parts.
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