At the same press conference, Wang also cautioned that pressure on China's imports and exports will increase significantly this year, however, owing to the risk of a global recession and weakening external demand. (Reporting by Joe Cash and Ellen Zhang; Editing by Bradley Perrett)
BEIJING, March 7 (Reuters) - China's exports in the
January-February period again fell from a year earlier, customs
data showed on Tuesday, while imports also decreased again and
at a faster rate, reflecting a slowdown in the global economy
and weak domestic demand.
China's exports in the two months were 6.8% lower than a
year before, beating a Reuters a poll that expected exports to
decrease by 9.4%. Imports were down by 10.2%; missing the poll
estimate by a large margin, which had predicted a 5.5% drop.
December showed a sharp 9.9% annual fall in exports as
global demand cooled, while that month's imports fell by a more
modest 7.5%.
The customs agency publishes combined January and February
trade data to smooth out distortions caused by the shifting
timing of the Lunar New Year, which this year fell in January.
However, imports were expected to continue to gradually
recover as consumer confidence returns following the removal of
COVID-19 restrictions in December. Chinese policymakers have
consistently cautioned that exports could struggle as the risk
of a global recession increases.
Premier Li Keqiang said on Sunday the government had set an
economic growth target of around 5% for 2023. Analysts have said
foreign trade is likely to drag on economic growth this year.
Last year the economy was 3% larger than in 2021, badly
missing the official target for growth of around 5.5%.
Signalling that economic recovery was underway,
manufacturing activity in China in February expanded at its
fastest pace in more than a decade, data from the National
Bureau of Statistics showed last week, with new export orders
rising for the first time since April 2021.
Factory activity readings from other Asian economies for
February were more downbeat, however, reinforcing views that
conditions abroad were more sluggish.
Domestic consumption and services have lead China's recovery
so far this year.
Commerce Minister Wang Wentao said on Thursday that
"consumption has rebounded significantly since the beginning of
the year." The point was reinforced by the official
non-manufacturing purchasing managers' index, which indicated
the fastest rate of output growth since March 2021 in February.
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