China's foreign trade falls sharply in March
China’s exports contracted sharply in March while imports also unexpectedly shrank, underlining the task facing the country’s policymakers as they try to shore up a sluggish economy. Figures from the General Administration of Customs showed that shipments from China slumped 7.5 percent year-on-year to US$279.7 billion, marking the largest fall since last August and missing market forecasts of a 3 percent decline. It also came in sharp contrast to a 7.1 percent rise during the January-February period. Imports, meanwhile, also declined last month, dropping 1.9 percent year-on-year to US$221.1 billion, missing an expected 1.4 percent rise. The first two months of the year had seen growth of 3.5 percent. The latest figures left the country’s trade surplus at US$58.6 billion last month, compared with US$125.1 billion in the January-February period. For the first quarter, however, both imports and exports rose 1.5 percent. By region, exports to the US fell 1.3 percent, while imports from the US fell nearly 11 percent in the first quarter. Shipments to Russia rose 3 percent, while those from Russia rose 7 percent. The Association of Southeast Asian Nations (Asean) remained China’s largest trading partner with exports to the region rising 4.1 percent during the first quarter and imports from the region growing 1 percent. Wang Lingjun, vice minister of the General Administration of Customs, said that while geopolitical tensions and trade protectionism have brought challenges to global trade, there are signs of a gradual recovery. He said he expects the country’s trade to stabilise in the second quarter. (Reuters)