China's exports slump as virus shutdown slashes trade, demand [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
China's exports slump as virus shutdown slashes trade, demand China’s exports fell more than expected in the first two months of this year as the coronavirus outbreak led to extended holidays, depressed factory output, and blocked transport and movement across the country. Imports also declined, although increases in commodities purchases offset some of that. The drop in exports was a bigger-than-expected 17.2 per cent in dollar terms, while imports declined 4%, according to a statement from Chinese customs Saturday. While the trade surplus with the U.S. shrank, it’s probably too early to see a strong effect from the deal with the Trump administration, which was signed in January but only went into effect in mid-February. The first two months are normally volatile for China’s economic activity due to a week-long lunar new year holiday, and this year is more unusual due to the coronavirus epidemic. The holiday, as well as quarantine and containment measures, shut down much of the econ
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