Chinese exports up 8.5% in April is an unexpected increase
Beijing, May 9 (AP) China’s exports grew 8.5 percent in April, showing more unexpected strength despite slowing global demand, customs data released Tuesday showed.
Exports grew to USD 295.4 billion compared to a year earlier, albeit at a slower pace, building on the momentum seen in March data, when exports rose 14.8 percent.
But imports contracted at a faster pace, with an overall drop of 7.9 percent to USD 205.2 billion compared to the same time last year, according to data from the General Administration of Customs on Tuesday. In March it fell by 1.4 percent.
China’s trade surplus widened in April, growing 82.3 percent compared to the same period last year.
In the first four months of the year, exports rose 2.5 percent over the same period of 2022 to $1,117 billion, China’s General Administration of Customs reported. Total imports contracted by 7.3 percent to $822 billion.
Nevertheless, forecasters expect exports to weaken this year.
Global consumer demand weakened after the Federal Reserve and central banks in Europe and Asia raised interest rates to cool inflation near multi-decade highs by curbing business and consumer activity. (AP).
This story was published from a news agency without any changes to the text.