China exports unexpectedly fall in April

  • by Ahmed Mamdouh
  • May 8, 2019, 13:54 AM
  • 156 Views
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China’s exports reported an unexpected drop in April, reflecting the slowdown in global demand on Chinese goods, but rise in imports indicted a pick up in domestic demand.

Overseas sales by China plunged 2.7 percent year-on-year in April, defying economists’ projections of 3 percent surge, while imports climbed 4 percent after plunging 7.6 percent in March.

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The overall trade surplus registered $13.84 billion last month, retreating from $32.65 in March, yet China’s trade surplus with the US edged up to $21.01 billion from $20.5 in March.

Meanwhile, there are concerns that both the United States and China may not reach a trade agreement after President Trump’s threats to raise tariffs on $200 billion of Chinese imports to 25 percent from the current 10 percent.

However, a Chinese delegation led by Vice Premier Liu He will visit Washington for further trade talks on Thursday and Friday.

The U.S. dollar extended its advance versus the yuan to 6.7775 after recording a high of 6.8010 on May 6, the highest level in more than 3 months.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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