China’s exports fall 1.8% in April
Imports, meanwhile, posted a larger decrease of 10.9% on the year in April compared with economists’ expectations of a 7.6% drop recorded in a survey by the Wall Street Journal. Accordingly, China’s trade surplus widened to $45.56 billion from $29.86 billion in March.
The data showed that China’s exports to the US fell 9.3% on the year in March while shipments to Southeast Asia rose 6.4%. The country’s exports to the EU also climbed 3.2% in April.
Chinese manufacturers are reportedly struggling in the face of soft demand, high labor costs and stronger competition from Asian rivals in countries such as Vietnam and Malaysia. Some analysts also reported that cheaper input costs stemming from the depreciating yuan will maintain pressure on China’s exports in global markets.
In April, the International Monetary Fund cut its 2016 global growth forecast to 3.2% from 3.4%, the second downward revision in the fund’s growth estimate for this year.
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