Coronavirus: China trade improved in March, but global outlook remains grim

China’s imports and exports showed a ‘certain improvement in March’, after combined figures for January and February had dropped 17.2 per cent

China exported US$15 billion worth of medical equipment and supplies between March 3 and April 4

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China exported 10.2 billion yuan (US$1.4 billion) worth of protective medical equipment between March 3 and April 4, including 3.86 billion masks and 37.52 million protective suits, according to data from the Ministry of Commerce. Photo: Xinhua

Published: 8:13pm, 9 Apr 2020Updated: 10:37am, 13 Apr 2020

China’s imports and exports improved in March after the coronavirus outbreak caused a dramatic collapse in the first two months of 2020, the Ministry of Commerce said on Thursday.

But the outlook for China’s exports remained gloomy given the economic damage being done by the continued spread of the virus globally.

Some Chinese exporters, especially textile, apparel and automotive firms have been hit particularly hard by shrinking global demand caused by the pandemic, with export orders delayed or cancelled, the ministry said.

“Imports and exports have shown a certain improvement in March, according to feedback from various regions and industries,” said commerce ministry spokesman Gao Feng on Thursday, with China set to officially release March trade data on Tuesday. “But at the same time, the impact of the global epidemic on the world economy and international trade is gradually emerging.”

Analysts expect only a slight improvement in China’s March exports compared to the previous two months. The median forecast of analysts surveyed by Bloomberg showed exports will drop 13.9 per cent in US dollar terms in March from a year earlier compared to the 17.2 per cent drop in the combined figures for January and February.