The General Administration of Customs in China has released a report on the country’s export-import operations for the first quarter of this year. It became known that during the reporting period, China’s foreign trade turnover had fallen by 6.4% compared with the same period last year. The turnover has amounted to about 937 billion US dollars.
Export was hit harder, falling by 11.4% to $ 475 billion. However, imports have dropped by only 0.7% in annual terms and amounted to $ 458 billion.
They also reported on the fact that the foreign trade surplus had decreased by 80.6% compared to the same period in 2019.
China was the first to suffer from coronavirus. Doctors’ actual data show that the country was able to cope with the situation. Over the last 24 hours, not a single pandemic victim has been recorded in China, and the number of cases detected has not exceeded one hundred people.
Despite the fact that the Celestial Empire has almost returned to normal life, the situation in the rest of the world (where the pandemic is spreading at a high speed) affects the country’s economic indicators. Representatives of the department noted with regret that the reduction in global demand had already affected and would still affect the volume of the Chinese exports. Nonetheless, official Beijing positively assesses quarterly statistics and considers the published figures to be an indicator of the competitiveness and stability of China’s foreign trade operations.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group