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Financial News: China's Exports Rise Less Than Forecast

China's Exports Rise Less Than Forecast

05/08/2017 - 03:23:00 (RTTNews)

(RTTNews) - China's exports and imports expanded less than expected in April, figures from the General Administration of Customs revealed Monday.

Exports grew 8 percent in April from the prior year, but slower than the expected growth of 11.3 percent and March's 16.4 percent increase.

At the same time, imports logged a double-digit growth of 11.9 percent versus the expected expansion of 18 percent and around 20.3 percent rise in March.

Shipments to the U.S. grew at a slower pace of 11.7 percent, data showed.

Nonetheless, the overall trade surplus widened to $38.05 billion in April. Economists had forecast the surplus to increase to $35.2 billion from $23.9 billion in March.

In yuan terms, exports advanced 14.3 percent year-on-year in April compared to the expected increase 16.8 percent.

Likewise, imports grew 18.6 percent versus the 29.3 percent rise economists had forecast.

As a result, the trade surplus totaled CNY 262.3 billion. The expected level was CNY 197.2 billion.

Looking ahead, Julian Evans-Pritchard, an economist at Capital Economics, expects export growth to hold up well given the relatively bright outlook for the global economy this year.

Growth in inbound shipments will continue to face headwinds, however, the economist said.

In particular, policy tightening will further weigh on domestic demand in coming quarters, with the impact on import values amplified by declines in commodity prices, the economist added.

Data published by the People's Bank of China over the weekend showed that China's foreign exchange reserves increased for the third straight month in April. Reserves rose $20.4 billion to $3.03 trillion in April.

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