China's March Exports Plunge 7.5%... Trade Surplus at $58.5 Billion

China's export growth rate in March recorded a negative figure due to the base effect from last year.

On the 12th, the General Administration of Customs of China announced that the export value in March was $279.6 billion (approximately 385.092 trillion KRW), a 7.5% decrease compared to the same period last year. In March last year, China recorded exports of $315.6 billion, showing a high growth rate of 14.8% compared to the previous year.

Imports amounted to $221.1 billion, down 1.9% year-on-year. Accordingly, the trade balance was recorded at $58.5 billion.

[Image source= Xinhua News Agency]

Larry Hu, Chief China Economist at Macquarie Capital, explained, "The decline in exports was mainly affected by the high base from last year, and excluding the base effect, China's export recovery is still more than ideal."

Economist Hu added, "China is expected to show relatively solid export growth of about 5% this year, supported by a strong recovery in demand from overseas markets such as the United States."