China’s Exports Growth Hits 2 Year-Low as COVID Curbs Hit Factories

[claireokc]

BEIJING—China’s export growth slowed to single digits, the weakest in almost two years, while imports barely changed in April as tighter and wider COVID-19 curbs halted factory production and crimped domestic demand, adding to wider economic woes. Exports in dollar terms grew 3.9 percent in April from a year earlier, dropping sharply from the 14.7 percent growth reported in March although slightly better than analysts’ forecast of 3.2 percent. It was the slowest pace since June 2020. Imports were broadly stable year-on-year after a 0.1 percent fall in March. It’s a bit better than the 3.0 percent 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. ...

Source: https://www.theepochtimes.com/chinas-ex ... 54133.html