Soybean imports in Beijing, China.
TPG | Getty Images
China reported that its yuan-denominated exports fell 3.5% in March from a year ago, while imports rose 2.4% in the same month, data from the General Administration of Customs showed on Tuesday.
The country’s trade surplus was 130 billion yuan, according to Reuters calculations.
While the outbreak appears to have abated in China recently, it remains a serious situation in the rest of the world. Global cases of Covid-19 hovered near 2 million on Tuesday.
In order to contain the coronavirus, many countries have locked down vast populations, disrupting supply chains and straining economies, causing shocks on both the supply and demand fronts.
Li Kuiwen, a spokesman for the General Administration of Customs said there are difficulties in foreign trade, Reuters reported. Shrinking international demand will hit China’s exports, even as recovering domestic demand lends support to China’s economy, Li said.
The public health emergency has wiped out trillions from stock markets and knocked the wind out of many economies. Governments worldwide are announcing stimulus packages to pull their nations through the crisis.
This is breaking news. Please check back for updates.