Chinese exports grew 8.5 percent year-on-year last month to US$295.4 billion despite weakening global demand. Photo: APEconomists in a Reuters poll had predicted no growth in imports and an 8 percent increase in exports. Other data showed that South Korean exports to China, a leading indicator of China’s imports, were down 26.5 percent last month, continuing 10 consecutive months of decline. China’s coal imports fell last month from a 15-month high the prior month, while imports of copper — a proxy for global growth — and natural gas were also down in the same period. “The contraction of imports may be partly driven by the slowdown of global demand, which in turn affects China’s imports of parts and components for the processing of exports,” Pinpoint Asset Management Ltd (保銀私募基金管理) chief economist Zhiwei Zhang (張智威) said.

Source: Taipei Times May 09, 2023 18:40 UTC