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  • By The Financial District

China Trade Weakens As Cities Are Locked Down Due To COVID

China’s export growth tumbled in April as global demand weakened, adding to pressure on the world’s second-largest economy after Shanghai and other industrial cities were shut down to fight virus outbreaks, Joe McDonald reported for the Associated Press (AP).


Photo Insert: Economists warned of more downward pressure on activity in the April-June quarter due to anti-virus controls.



Exports rose 3.7% over a year earlier to $273.6 billion, down sharply from March’s 15.7% growth, customs data showed Monday. Reflecting weak Chinese demand, imports crept up 0.7% to $222.5 billion, in line with the previous month’s growth below 1%.


Demand for Chinese exports is under pressure from high inflation and interest rate hikes in the United States and other major markets and consumer uncertainty about the economic outlook and job prospects.



Managers of the Port of Shanghai, the world’s busiest, say it is functioning normally, but figures they cite for daily cargo volume it handles are down 30% from normal.


China’s economy grew by a weak 4.8% over a year earlier in the quarter ending in March, up from 4% in the final three months of 2021. Economists warned, however, there would be more downward pressure on activity in the April-June quarter due to anti-virus controls.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Weak Chinese demand can have global repercussions, depressing imports of oil, iron ore, industrial components, and consumer goods.


Exports to the 27-nation European Union rose 8% to $43.1 billion while imports of European goods gained 12.5% to $23.4 billion. China’s trade surplus with Europe widened by 49.6% to $19.6 billion.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Imports from Russia, a major gas supplier, jumped 56.6% over a year earlier to $8.9 billion, possibly reflecting the surge in global energy prices due to jitters over supply disruptions caused by Moscow’s war on Ukraine.



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