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China exports stabilise in April amid weak yuan

Date 10-May-2016
Subject China exports stabilise in April amid weak yuan

BEIJING: China's exports stabilised in April as the value of the currency decreased, while imports extended a streak of declines to 18 months.

Overseas shipments rose 4.1 per cent in yuan terms from a year earlier yet fell 1.8 per cent in dollar terms, the customs administration. Imports slumped 10.9 per cent in dollars to leave a trade surplus of $45.6 billion.

April's exports follow a March surge in both currencies, which may have been exaggerated by seasonal effects after the Lunar New Year holiday. The absence of a sustained trade rebound adds to pressure for more Government stimulus to help boost growth, which economists project will slow this year to a fresh quarter-century low of 6.5 per cent. Cumulative data for the year showed exports are weakening.

Shipments declined 2.1 per cent in yuan terms in January to April versus the same period a year earlier, while slumping 7.6 per cent in dollar terms, the China customs administration.

The decrease suggests more challenges loom for policy makers as global demand remains too weak to fuel a sustainable pickup in economic growth.

A surge in March, helped by a seasonal effect and a low base last year, may be a blip.

March exports jumped 11.5 per cent in dollar terms, the most in a year, and import declines narrowed.

Source: - Dailyshippingtimes.com

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