Coronavirus: China’s exports and imports plummet in January and February
- Customs data shows that China’s exports shrank by 17.2 per cent in January and February combined due to coronavirus’ impact
- China had postponed January’s data release, instead combining the first two months of the year
China’s exports and imports both plunged over the first two months of the year, as the coronavirus tore through the world’s second-largest economy.
Exports fell by 17.2 per cent in January and February combined compared to the same period a year earlier, according to data released on Saturday by the General Administration of Customs. This was down from 7.9 per cent growth in December. Imports dropped 4 per cent from a year earlier, down from 16.5 per cent growth in December.
A poll of analysts conducted by Bloomberg predicted that exports would fall by 15.2 per cent and imports by 16.6 per cent, respectively. In total, China’s foreign trade was US$591.99 billion over the two months, down 11 per cent on last year.
The lowest monthly trade figures in China’s history were minus 22.2 per cent for exports in August 2009 and minus 43.1 per cent for imports in January 2009, as the world struggled to escape the global financial crisis.
China usually releases trade data on a monthly basis, but postponed January’s release plans as the virus had placed large swathes of the country on lockdown, from which it is just slowly trying recovering.