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MNI BRIEF: China Exports Eased; Imports Dip Further On Prices

MNI (Singapore)
(MNI) Beijing

China's exports eased from April's eight-month high, while imports dipped further on falling commodity prices, data released by China Customs on Tuesday showed.

Exports increased by 8.5% y/y in April, slowing down from the previous 14.8% y/y growth and slightly weaker than the market consensus calling for a 9.0% y/y increase. Machinery and labor-intensive products drove the gain. Exports in the first four months of 2023 totaled USD1.12 trillion, or 2.5% over the same period last year. ASEAN countries ranked first place, accounting for 16.6% of total exports - a 24.1% increase - over the first four months while those to the EU, the second biggest partner, increased 2.3%. Exports to the US fell 7.5% y/y.

Imports registered a 7.9% y/y decrease in April, dipping further from the previous 1.4% y/y drop and far away from the market consensus of a 0.3% y/y drop. Imports in the first four months amounted to USD822.76 billion. The trade surplus over the Jan-Apr period was USD294.2 billion, with April contributing $90.21 billion.

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