China’s import volume posted its biggest contraction in a year last month, while exports expanded at a slower pace than expected, casting doubt over the pace of the country’s economic recovery after three years of pandemic restrictions.Imports fell 7.9 per cent year on year in April, a far deeper decline than analysts’ expectations of a 0.2 per cent contraction, according to a Bloomberg poll. Exports in the month rose 8.5 per cent compared with a year earlier, following an unexpected jump in March and benefiting from a low base last year.
Tuesday’s mixed trade data release was closely watched across markets for clues on the state of China’s economy, which has thrown off conflicting signals as it emerges from three years of closure under anti-coronavirus rules.
Gross domestic product expanded 4.5 per cent in the first quarter of the year and exports expanded after months of weakness, while tourism over a recent national holiday surpassed pre-pandemic levels for the first time.