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China's export decline

China's exports fell sharply in March due to lower prices of Chinese products in the world's second-largest economy.

China's export decline

China's exports fell sharply in March due to lower prices of Chinese products in the world's second-largest economy. The value of China's exports fell 7.5 percent in March from a year earlier, and the value of imports fell 1.9 percent.

According to the reports, the decrease in the value of exports occurs while the volume of exports has increased. That adds to the challenges Beijing faces as it turns to manufacturing and trade to pull the economy out of a deep recession caused by a slowdown in the property sector.
The most intense price competition occurs in the area of advanced technology for the production of vehicles, solar panels, wind turbines. Seasonal factors due to the spillover effects of China's February Lunar New Year holiday may also have played a role in March's lower-than-expected year-on-year export figure, according to Hui Shan, chief economist at Goldman Sachs China.

Beijing faces growing accusations from the United States and Europe that its industries are oversupplied. China's trading partners want Beijing to stimulate domestic demand to fill the gap left by the real estate sector, which once accounted for nearly a third of GDP. But Chinese officials have launched a campaign in recent weeks to refute Western claims of overcapacity, saying their exports are driving down prices and gaining market share due to innovation and competitiveness.
The country's low prices are good for consumers around the world and help governments fight inflationary pressures, but mean more competitive pressure for exporters in other countries.


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SteelRadar Insight - Sayı 1 (Haziran 2024)

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