China's exports rise by 14.7% in Mar, beat expectations; imports slip

14 Apr '22

2 min read

Pic: Shutterstock

Imports fell in March in China as COVID-19 curbs across several parts affected freight traffic and weakened domestic demand, while export growth slowed, implying a worsening in trade in the second quarter. Exports rose by 14.7 per cent in March, beating expectations of a 13 per cent rise, although slowing from a 16.3 per cent gain in January-February.

Inbound shipments fell by 0.1 per cent in March from a year earlier, marking the first decline since August 2020, customs data showed. The broad-based decline compared with a 15.5 per cent gain in the first two months of the year.

COVID outbreaks hurt manufacturing and industrial demand for some raw materials remained soft.

China's imports of crude oil fell by 14 per cent in March and gas import volumes were the lowest since October 2020.

"Due to the severe disruptions in factory operations, road transport and port congestion as a result of the worst COVID-19 wave and the most severe lockdowns since spring 2020, we expect export growth in dollar terms to slump to 0 per cent year-on-year in April, while import growth is likely to drop further to minus 3 per cent," Japanese company Nomura said in a note.

Many analysts expect trade conditions to worsen in April, on slower customs clearance and as the impact from a lockdown in Shanghai is felt, according to a global newswire.

Factory activity in March fell as the declines in export orders accelerated, recent manufacturing surveys showed.

ALCHEMPro News Desk (DS)

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