Foreign trade grows slower than expected in April
May 15, 2017 Category Foreign trade, Weekly
China’s foreign trade growth slowed more than expected in April amid weaker demand and a correction in commodity prices. Exports in yuan-denominated terms rose 14.3% year-on-year to CNY1.24 trillion, slower than the 22.3% increase in March, the General Administration of Customs said. Imports grew 18.6% to CNY979.1 billion, compared with the 26.3% gain in March. In U.S. dollar terms, exports rose 8%, missing market expectations of 11.3%, while imports grew 11.9%, compared with consensus for 18%. The slower growth in trade was attributed by analysts to a correction in commodity prices. “China’s export growth in April was half the pace in March, indicating a softening momentum in the second quarter,” the Australia and New Zealand Banking Group said in a note. China’s imports of crude oil, iron ore and copper all fell compared with March. Despite the slowdown, imports year-to-date are still up 20.8% by value, compared with 8.1% growth for exports over the first four months, though analysts say imports could slow further this year. “Looking ahead, we expect export growth to hold up well given the relatively bright outlook for the global economy this year,” Capital Economics China Economist Julian Evans-Pritchard said in a note. “Growth in inbound shipments will continue to face headwinds, however. In particular, policy tightening will further weigh on domestic demand in coming quarters.” China’s trade with the European Union, its largest trading partner, gained 15.5% year-on-year to CNY1.24 trillion during the first four months. Trade with the United States, its second-biggest trade partner, surged 20.3% to CNY1.18 trillion in the same period. China’s Ministry of Commerce (MOFCOM) said in its quarterly report on trends in foreign trade, that China is set to face a better environment in 2017 compared with the past two years. The trade surplus for April was CNY262.3 billion, up 0.6% year-on-year.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world