China’s exports contracted 15 percent in March from a year earlier in a surprise drop that will exacerbate concerns about the slackening Chinese economy. Analysts had expected exports to rise 12 percent in March on a yearly basis.
In a sign of soft domestic demand, imports into the world’s second-biggest economy also shrunk 12.7 percent last month compared with a year ago, data from the General Administration of Customs showed. That compared with a Reuters poll forecast for a 11.7 percent drop in imports.
“The slump in the exports figure is mainly due to the weak global demand, while the appreciation in dollars against other currencies in the past quarter was also negative for China’s exports,” said Nie Wen, a strategist at Hwabao Trust in Shanghai. “More stimulus measures are needed in the future.”