Chinese export growth slowed to its lowest level in nearly two years in April due to the severe corona lockdowns in Shanghai and other parts of the country.
Partly due to factory closures and supply chain problems, the growth in Chinese goods exports slowed last month to 3.9 percent from a year earlier. That is the weakest growth since June 2020.
Export growth was stronger than economists had expected. They had expected an increase of 2.7 percent. In March, exports still rose by 14.7 percent. Imports remained unchanged from a year ago, after falling 0.1 percent in March. Economists had forecast a 3 percent drop in imports.
The Chinese government is under increasing pressure to boost economic growth as the corona outbreaks and restrictions paralyze much of the economy. Many companies have problems with logistics and transport. Companies also have trouble getting the necessary raw materials and materials delivered. The war in Ukraine also contributes to this, but the situation in China itself is also a major cause of the disturbances felt elsewhere.
The Chinese authorities have pledged to step up stimulus measures to meet the economic growth target of around 5.5 percent this year. However, Beijing is also sticking to its strict zero-tolerance policy on coronavirus. According to many economists, these two objectives are incompatible.
Chinese exports to Russia increased by 11.3 percent in the first four months. On the other hand, Chinese imports of Russian goods rose by almost 38 percent.