China’s exports fell in March by 7.5% year-on-year, although the fall was mainly due to base effect: Chinese exports spiked in March 2023, so the comparison is distorted by the exceptionally high level of the year-earlier month. In RMB terms, China’s exports continue to follow a rising trend after the big jump between 2019 and 2023.
Weakish world demand is the likely culprit. Germany is at or close to recession, and US imports of consumer goods excluding autos fell from a peak of US$815 billion a year during the second quarter of 2022 to $752 billion in the fourth quarter of 2023.
