The slump in China's exports is expected to have extended into March while a collapse in oil price likely deepened a decline in imports, a Reuters poll showed, as the coronavirus cripples the global economy and overall demand.
BEIJING - The slump in China’s exports is expected to have extended into March while a collapse in oil price likely deepened a decline in imports, a Reuters poll showed, as the coronavirus cripples the global economy and overall demand.
The grim trade report is likely to reinforce views that China’s economy sharply contracted in the first quarter for the first time since at least 1992. Analysts are already forecasting a steep global recession this year as the virus has prompted worldwide restrictions on movement of people and goods.
The World Trade Organization last week forecast that goods trade would shrink more steeply this year than in the global financial crisis a decade ago before rebounding in 2021 as the COVID-19 pandemic recedes. “Foreign demand from European and U.S. markets may have already significantly contracted in March,” said UBS Economist Tao Wang, noting an official survey of factories released earlier this month showed export orders continued to fall in March.
While China has managed to largely bring the virus under control, the country is facing rising risks of a second-wave infections from abroad, driven by a rise in infected travellers arriving from overseas.
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