China's exports fall 17 percent in March
Associated Press, 04.10.09, 03:40 AM EDT
China's exports fell 17 percent in March, a less sharp contraction than the month before, amid signs the plunge in overseas demand may be easing, the government reported Friday.
But while the decline in exports eased somewhat, a sharper weakening in imports pushed China's trade surplus to $18.56 billion, up from $4.84 billion the month before, the General Administration of Customs said.
Exports totaled $90.3 billion in March, the fifth straight month of year-on-year declines due to the global downturn. In February, exports sank 25.7 percent from a year earlier in the worst drop in more than a decade.
Imports in March fell 25 percent to $71.7 billion, the customs data showed. China's imports fell 24 percent in February.
"The pace of contraction in exports has moderated notably from January-February levels, as export activity showed signs of stabilization," Jing Ulrich, chairman for China equities for J.P.Morgan, said in a report to clients.
"Imports remained weak, but there are some initial signs of recovery in China's raw materials demand, driven by government stockpiling and record imports of iron ore," she said.
Copyright 2009 Associated Press.
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