China's trade contracts as Western demand weakens
China’s trade contracted again in January and February as U.S. and European demand weakened in the face of interest rate hikes, adding to pressure on official efforts to revive economic growth following the end of anti-virus controls
BEIJING (AP) — China’s trade contracted again in January and February as U.S. and European demand weakened in the face of interest rate hikes, adding to pressure on official efforts to revive economic growth following the end of anti-virus controls.
Exports sank 6.8% from a year earlier to $506.3 billion, an improvement over December’s 10.1% decline, customs data showed Tuesday. Imports fell 10.2% to $389.4 billion, deepening December’s 7.3% contraction.
China’s global trade surplus for the two months edged up 0.8% over a year earlier to $116.9 billion.
Forecasters expected trade to weaken as the likelihood of a recession in Western economies increased following rate hikes by the Federal Reserve and European Central Bank to cool economic activity and record-setting inflation.
