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China's foreign trade drops by 6.4% in Q1

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Reference:CGTN| Updated: 14 April 2020


China's foreign trade volume in the first quarter of this year reached 6.57 trillion yuan (about 930 billion U.S. dollars), declining by 6.4 percent year on year, said the country's customs authority on Tuesday.

Exports dropped by 11.4 percent year on year in the first three months to 3.33 trillion yuan, and imports edged down 0.7 percent to 3.24 trillion yuan, making the trade surplus 98.33 billion yuan, down 80.6 percent year on year, according to the General Administration of Customs (GAC).

The country's imports and exports rebounded in March, reversing the downturn affected by epidemic in the first two months.

Foreign trade of goods fell by 0.8 percent year on year in March to 2.45 trillion yuan. Exports dropped by 3.5 percent to 1.29 trillion yuan, and imports rose by 2.4 percent to 1.16 trillion yuan.

The country's manufacturing industry steadily resumed production as the virus has been basically under control. The Purchasing Managers' Index (PMI) in March rose to 52, reserving from a record low of 35.7 in February.

As of April 9, over 76 percent of the key foreign trade companies in China had resumed 70 percent of their production capacity, data from the commerce ministry showed.

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