Home » China’s imports and exports in U.S. dollars fell in March year-on-year – Wall Street Journal

China’s imports and exports in U.S. dollars fell in March year-on-year – Wall Street Journal

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China’s imports and exports in U.S. dollars fell in March year-on-year – Wall Street Journal

China’s Exports Fall in March, Imports Follow Suit

Data released by the General Administration of Customs of China on Friday afternoon showed that in US dollar terms, China’s exports in March fell by 7.5% year-on-year, while imports fell by 1.9%. The trade surplus was US$58.55 billion, lower than the previous value and market expectations.

This comes after a period of positive growth in exports from January to February, with a 7.1% year-on-year increase, marking the third consecutive month of growth since November. Imports also saw a 3.5% increase for two consecutive months, leading to a trade surplus of US$125.16 billion.

Economists surveyed by the Wall Street Journal had expected a 3.4% decrease in exports and a 1.4% increase in imports for March, with a trade surplus of US$70.38 billion.

On a quarterly basis, both exports and imports increased by 1.5% year-on-year in the first quarter, resulting in a trade surplus of US$183.66 billion.

In RMB terms, China’s exports in March fell by 3.8% year-on-year, while imports increased by 2.0%, leading to a trade surplus of 415.86 billion yuan. From January to February, exports increased by 10.3% and imports by 6.7%, with a trade surplus of 890.87 billion yuan.

Overall, the total import and export value for the first quarter exceeded 10 trillion yuan for the first time in history, with a year-on-year growth of 5%, a six-quarter high.

The pattern of negative growth in exports since May of the previous year continues in RMB terms, with a 0.8% to 9.2% decrease from May to September. In 2023, RMB-denominated exports saw a 0.6% increase year-on-year, while imports decreased by 0.3%.

It remains to be seen how China will address the challenges posed by these recent fluctuations in exports and imports.

See also  U.S. jobless claims top 200,000 for ninth straight week - WSJ

(This article comes from Dow Jones Chinese Financial News)

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