China’s exports, imports down in Jan-Feb amid coronavirus
by ChemOrbis Editorial Team - content@chemorbis.com
According to official customs data, China’s exports and imports for the first two months of 2020 declined as the COVID-19 outbreak resulted in massive disruptions to business operations, global supply chains and economic activity.
In dollar terms, China’s exports fell by 17.2% from a year earlier to $292.4 billion. Imports also decreased by 4% to $299.5 billion, following a 16.3% gain in December.
The lower figures were attributed to strict measures taken by the government due to the COVID-19 outbreak. In a bid to contain the virus, factories remained shut after the Lunar New Year holiday and workers were unable to get back to work amid China’s lockdown. Apart from these, lack of demand also paralyzed the country’s both local and overseas businesses.
During January-February, China’s trade surplus with the US was at $25.37 billion compared with a surplus of $42.16 billion for the same period of 2019.
On a side note, trade data for the two months was combined due to the COVID-19 outbreak.
In dollar terms, China’s exports fell by 17.2% from a year earlier to $292.4 billion. Imports also decreased by 4% to $299.5 billion, following a 16.3% gain in December.
The lower figures were attributed to strict measures taken by the government due to the COVID-19 outbreak. In a bid to contain the virus, factories remained shut after the Lunar New Year holiday and workers were unable to get back to work amid China’s lockdown. Apart from these, lack of demand also paralyzed the country’s both local and overseas businesses.
During January-February, China’s trade surplus with the US was at $25.37 billion compared with a surplus of $42.16 billion for the same period of 2019.
On a side note, trade data for the two months was combined due to the COVID-19 outbreak.
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