China’s exports tumble 7.5% in March and imports also fall as demand slows

By ZEN SOO
AP Business Writer

HONG KONG (AP) — Official customs data show China’s exports contracted in March after growing in the first two months of the year. The decline underscores the uneven nature of China’s recovery from the pandemic. Exports in March declined 7.5% from a year earlier, while imports slipped 1.9%. Both figures fell short of estimates. China, the world’s second-largest economy, posted a trade surplus of $58.55 billion in March. The decline in export growth partly reflected a higher base of comparison with March last year, when exports jumped 14.8% as the economy reopened after languishing under strict COVID-19 controls. Growth has slowed partly due to a crisis in the property industry brought on by a crackdown on excessive borrowing.