China exports see 3.5% gain despite COVID-19 woes
China saw an unexpected rise in April exports despite the effects of the COVID-19 pandemic. However, the nation’s imports still saw a decline.
China’s General Administration of Customs (GAC) reported a 3.5% rise in exports year-on-year compared to a -6.6% decline in March. Analysts from Investing.com had forecasted a -15.7% drop.
Meanwhile, imports plunged by 14.2% in April in contrast to a forecast of a -11.2% drop. The GAC saw a -1% decline in March imports.
China’s import and export activity had been severely affected by the COVID-19 pandemic, even as the country attempted to slowly recover since March.
China’s trade balance for April stood at $45.34 billion compared to the $19.93 billion in March and a forecasted $6.35 billion.
While China’s manufacturing sector is slowly steadying towards growth, the latest data still shows a contraction in the world’s second-largest economy. According to the data released on Thursday, April’s Caixin China General Manufacturing Purchasing Manager’s Index (PMI) rose to 44.4 from 43 in the previous month. A level on or above the 50-mark indicates growth.