China's exports and imports are expected to record double-digit declines in April after a tentative recovery in March as the coronavirus pandemic batters global demand and disrupts manufacturing supply chains, a Reuters poll showed on Wednesday.
BEIJING - China’s exports and imports are expected to record double-digit declines in April after a tentative recovery in March as the coronavirus pandemic batters global demand and disrupts manufacturing supply chains, a Reuters poll showed on Wednesday.
Shipments out of China are likely to have fallen 15.7% in April from a year earlier, according to a median estimate from the survey of 28 economists, far worse than a 6.6% contraction in March. Exports contracted by 17.2% in the first two months of the year. China’s factories suffered a collapse in export orders in April, latest surveys showed, amid reports that foreign customers cancelled a bulk of orders as the coronavirus health crisis shut down large parts of the world economy.
“We believe it’s unrealistic for Beijing to stick to its long-held promise of doubling real GDP in the decade of 2010-20, which requires above 5.5% growth in 2020.”
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