China’s exports rebound to growth in March 2023
by Associated Press
A revival in Chinese demand would be a boost to global suppliers, replacing weak U.S., European and Japanese sales.
China’s exports rebounded unexpectedly to growth in March despite a decline in U.S. and European demand following interest rate hikes to cool inflation.
Exports rose 14.8% over a year earlier to $315.6 billion, recovering from a 6.8% decline in January and February, customs data showed on Apr. 13. Imports sank 1.4% to $227.4 billion, a smaller contraction than the 10.2% slide in the previous two months.
China’s politically sensitive global trade surplus widened by 82% over a year earlier to $88.2 billion.
Exports to the United States and the 27-nation European Union, China’s biggest foreign markets, declined after the Federal Reserve and other central banks raised rates to slow consumer and business activity. That was offset by double-digit gains in sales to Canada, Indonesia, Russia and other markets.
“The current external environment still is severe and complex,” said a government spokesperson, Lyu Daliang, at a news conference.
Trade weakness adds to complications for President Xi Jinping’s government, which is trying to revive economic growth that sank last year to 3%, the second-weakest rate since the 1970s. The ruling Communist Party set this year’s growth target at “around 5%.”
In the first three months of the year, exports edged up 0.5% over the same period of 2022 to $821.8 billion, the General Administration of Customs of China reported. Total imports contracted 7.1% to $617.1 billion.
A revival in Chinese demand would be a boost to global suppliers, replacing weak U.S., European and Japanese sales. China is the biggest export customer for its Asian neighbors and a key consumer market.
Exports to the United States slid 7.7% in March from a year earlier to $45.9 billion, an improvement over the 21.8% contraction in January and February.
Imports of U.S. goods gained 5.6% to $16.1 billion, rebounding from a 5% decline in the first two months of the year. The Chinese trade surplus with the United States shrank by 14% compared with a year earlier to $27.6 billion.
