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China’s trade weakens after cities are closed to fight the outbreak of COVID-19

Beijing, May 9: China’s export growth plummeted in April after Shanghai and other industrial cities were closed to fight the outbreak of the virus. Exports were up 3.7% year-on-year to US $ 273.6 billion, down sharply from 15.7% in March, according to customs data. Imports rose 0.7% to US $ 222.5 billion, consistent with similarly weak growth of less than 1% last month, reflecting weak demand in China.

Confirmed data fear that the ruling Communist’s “zero tolerance” strategy, which closes most businesses in Shanghai and other industrial centers, will weigh on trade and activity in the automotive, electronic and other industries. China puts 17 million people in Shenzhen under the COVID-19 blockade.

Exports to the United States increased 9.5% to US $ 46 billion, despite continued tariff increases over Beijing’s technological ambitions. Imports of American goods increased 0.9% to US $ 13.8 billion.

China’s world trade surplus expanded 19.4% to US $ 51.1 billion, and its politically unstable surplus with the United States shrank 65% to US $ 9.8 billion.

(This is an edited and auto-generated story from the Syndicated News Feed. LatestLY staff may not have changed or edited the content body)

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https://www.latestly.com/agency-news/world-news-china-trade-weakens-after-cities-shut-down-to-fight-virus-3684820.html China’s trade weakens after cities are closed to fight the outbreak of COVID-19

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