China’s export decline in March offset by positive global market recovery outlook

96

12th April 2024 – (Beijing) In March, China experienced a notable decline in export growth, falling 7.5% to US$279.7 billion, according to the latest customs data. This decrease sharply contrasts the 7.1% growth observed in the first two months of the year and significantly underperformed against the modest 2.1% drop anticipated by analysts from Wind, a Chinese financial data provider.

This downturn is largely attributed to an unusually high base rate from the previous year, when March exports surged by 14.8% to US$315.59 billion, marking the highest level for the month on record. Meanwhile, imports also saw a reduction, dropping by 1.9% compared to the same period last year, deviating from earlier growth of 3.5% in January and February.

Despite these figures, the trade surplus stood at US$58.6 billion in March, a sharp decrease from the US$125.1 billion recorded in the initial two months of the year. However, experts remain optimistic about the future.