China trade balance grows less than expected in April as imports surge
2024.05.08 23:41
Investing.com– China’s trade balance grew less than expected in April, recovering only partially from a sharp fall in the prior month as a mild increase in exports was largely offset by a substantially bigger-than-expected jump in imports.
China’s was a surplus of $72.35 billion in April, data from the Customs Administration showed on Thursday. The reading was weaker than expectations of $81.40 billion, but recovered from the $58.55 billion seen in March.
Thursday’s reading showed some improvement in trading activity, particularly exports, after the country’s trade balance plummeted to a four-month low in March- hit chiefly by a sharp decline in exports.
rose 1.5% year-on-year in April, compared to expectations for a rise of 1%. They had tumbled 7.5% in March.
Chinese exports still remained largely weak amid sustained headwinds from weak overseas demand for Chinese goods.
But any increases in exports were largely offset by a bumper increase in Chinese imports.
surged 8.4% in April, blowing past expectations for a rise of 5.4% and also recovering from the 1.9% drop seen in March. The outsized print was in part driven by a weaker base for comparison from the prior year, but also indicated some recovery in domestic demand amid improving economic conditions.
China’s economy picked up pace in the first quarter of 2024, aided by sustained stimulus measures and some improvements in business activity. This in turn factored into increased domestic demand.
