Chinese Exports Drop 7.5 Percent In March 2024

JAKARTA - In March 2024, Chinese exports shrank after experiencing growth during the first two months of 2024. In addition, import performance also decreased.

Reported by ANTARA, Friday, April 13, Chinese exports in March 2024 fell by 7.5% year on year (yoy), while imports fell 1.9% yoy. Previously in the January-February 2024 period, exports experienced an increase of 7.1% yoy, while imports rose 3.5% yoy.

China as the country with the second largest economy in the world recorded a trade surplus of US$ 58.55 billion in March 2024. Meanwhile, the surplus in the first two months of 2024 reached US$ 125 billion.

The decline in exports was partly due to a higher base in March 2023, when exports increased sharply in line with the economic recovery after being hit by the COVID-19 pandemic.

China's economy has experienced a slowdown in the medium term, mainly due to the crisis in the property sector. This decline in exports could further hamper economic growth.

Chinese economist at Capital Economics Zichun Huang estimates that the increase in export volume will slow down this year, especially as consumer spending in developed countries declines and the effect of lowering export prices.

However, imports are likely to gain momentum due to an increase in government spending that will increase demand. China itself has set an economic growth target of around 5% this year.