China Exports Slower by 6.5% in March
Dean M. Bernardo | | Apr 10, 2014 09:38 AM EDT |
The country's overall export in March was lower by 6.5% compared to February, according to data from China's General Administration of Customs (GAC).
The year-on-year performance for export was also down at 3.4% while imports are up by 1.6% with a trade surplus of US$ 16.74 billion (103.81 Billion yuan) within the three-month period.
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The latest data will bring more doubts on the health and stability of China's economy. Analysts believe the more than 7.5% projected annual growth can not be sustained for long.
Original estimated goal was a flat 8.0 for 2013 but projections were tempered to 7.5% and actual expansion was at 7.6%.
China has seen double digit growth in the last decades and various analysts believe that a slowdown is forthcoming.
Imports are also down at 11.3 percent or US$ 162 Billion (1.004 Billion yuan) with the total trade volume also down by 9% at only US$ 332.5 Billion (2.058 Trillion yuan).
A surplus is now in effect on China's trade balance amounting to US$ 7.71 Billion (47.8 Billion yuan) in March from a deficit in February of US$ 22.96 Billion (142.38 Billion yuan)
China's total trade on year-on-year comparison is down by one percent in the first three months of this year at US$ 965.58 Billion (5.99 Trllion yuan).
Zheng Yuesheng, spokesperson for the GAC down played worries over the slowdown in Chinese exports and explains that the drop was a result of a higher base figure in February.
Figures from the same period last year were inflated due to rampant over invoicing to hide capital flows, pushing exports figure in the first quarter of 2013, 20 percent more from the real figures.
Zheng assured the public that the downtrend is only temporary and performance will go up at the end of May.
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