BOFIT Weekly Review 2015/16
Chinese export growth slowed in first quarter; value of imports plummeted
Exports in the first quarter grew 5 % y-o-y, down from 9 % in the fourth quarter of 2014. Exports to the US rose 11 % y-o-y, while exports to the EU were up 6 %. Exports to Japan slid a further 12 %.
Imports in the first quarter shrank 18 % y-o-y. Underlying the contraction in imports was in part the slide in global prices for oil and other commodities. Trends in import volumes, however, were varied. For example, volumes of crude oil imports were up 8 % from a year ago, while copper imports were down 18 %.
March’s exceptionally large 15 % drop in exports mainly reflects the late arrival this year of the Chinese Lunar New Year holidays.