BEIJING (AP) — China’s exports fell further in March compared with February amid a global economic slowdown caused by the coronavirus pandemic, the government reported Tuesday.
Exports fell 3.5% from the previous month in Chinese currency terms to 1.3 trillion yuan ($183 billion), the customs agency announced. The agency didn’t immediately report figures in U.S. dollars, in which all of China’s trade is conducted. Using different currencies can result in varying growth rates due to changes in exchange rates.
Exports sank 17.2% in February in U.S. dollar terms as the United States and European governments followed China’s lead in closing factories, shopping malls and other businesses in an attempt to stop the virus’s spread.
“The global economy faces mounting downward pressure. Uncertainties are on the rise,” said a customs agency statement. “China’s foreign trade is encountering bigger difficulties.”
Exports to the United States fell 23.6% from a year earlier in Chinese currency terms to 476.6 billion yuan ($67.7 billion) in the first three months of the year, a customs spokesman, Li Kuiwen, said at a news conference.
Imports of U.S. goods declined 1.3% in Chinese currency terms to 191.4 billion yuan ($27.2 billion), according to Li.
In the first three months of the year, China’s global exports fell 11.4% in Chinese currency terms from a year earlier to 3.3 trillion yuan ($470 billion), according to Li. Imports declined 0.7% to 3.2 trillion yuan ($455 billion).
Measured by volume, Chinese imports picked up pace due to declining prices for oil and other commodities. That reflected the revival of manufacturing and other activity after the ruling Communist Party declared victory over the virus that emerged in central China in December.
Oil imports rose 5% from a year earlier, natural gas increased 1.8% and iron ore gained 1.3%, according to Li.
Soybean imports rose 6.2% from a year earlier to 17.8 million tons, Li said.
Li gave no indication what share of the total was from the United States. Soybeans are the biggest U.S. export to China. Beijing temporarily suspended purchases due to their tariff war but resumed late last year.
