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- China’s imports fell in March after COVID-19 lockdowns in several cities disrupted usual trade
- Inbound shipments notched their first decline since 2020, falling 0.1 per cent
- However, exports climbed 14.7 per cent in March, beating analysts’ expectations
- The country’s trade surplus was double the forecast, coming in at $47.38 billion for the month and sending the Chinese yuan higher
- Overall trade conditions are expected to worsen in April as the fallout from COVID-19 lockdowns shows its full effect
China’s imports fell in March after COVID-19 lockdowns in several cities disrupted usual trade.
Inbound shipments notched their first decline since 2020, falling 0.1 per cent. In comparison, the first two months of this year saw a 15.5 per cent gain.
Notably, the country’s imports of crude oil fell by 14 per cent.
The lockdown in Shanghai has been a major influencer in driving crude oil prices lower in the past week, after concerns it may hinder China’s demand of the commodity.
Exports, however, climbed 14.7 per cent in March, beating analysts’ expectations. Still, this figure represents slower growth than that seen at the start of the year.
Meanwhile, China’s trade surplus was double the forecast, coming in at $47.38 billion for the month and sending the Chinese yuan higher.
However, overall trade conditions are expected to worsen in April, as the fallout from COVID-19 lockdowns shows its full effect.
