China’s imports contracted sharply in April, while exports grew at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth.
FILE PHOTO: Lines of trucks are seen at a container terminal of Ningbo Zhoushan port in Zhejiang province, China, August 15, 2021.FILE PHOTO: Lines of trucks are seen at a container terminal of Ningbo Zhoushan port in Zhejiang province, China, August 15, 2021.
The drop in imports is worrying as it suggests domestic demand remains tepid and may not be able to take up the slack of an underpowered export engine. The recent official manufacturing purchasing managers’ index for April showed new export orders contracting sharply, underlining the challenge facing Chinese policymakers and businesses hoping for a robust post-COVID economic recovery.
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