BOFIT Weekly Review 2016/15
China’s foreign trade stumbles in first quarter
The value of China’s goods exports fell 10 % y-o-y to $464 billion in the first three months of this year. Exports to all of China’s main markets declined. Exports to the US were down 10 %, 5 % to the EU and 3 % to Japan. The value of goods imports slid 13 % y-o-y in the first quarter to $339 billion. The drop was largely due to lower prices. Import volumes of many commodities were actually up in the first quarter.
While the March value of exported goods rose 12 % y-o-y in US dollars, most of the increase in exports reflects the relatively low comparison figure for March 2015. The drop in goods imports slowed as imports in dollars last month fell 8 % y-o-y. Dollar appreciation hurt trade figures. In March, the central bank’s reference yuan-dollar rate was 6 % weaker than in March 2015.