China’s exports fall by double digits in January and February as anti-virus controls closed factories, while imports sank by a smaller margin.
In this March 5, 2020 photo released by Xinhua News Agency, a mobile crane prepares to move containers at a logistic station of Shenyang East Railway Station in Shenyang, northeast China's Liaoning Province. China's exports fell by double digits in January and February as anti-virus controls closed factories, while imports sank by a smaller margin.
Trade was poised for a boost after Beijing and Washington removed punitive tariffs on some of each other’s goods in a trade truce signed in January. But that was offset by Chinese anti-virus controls that shut down much of the world’s second-largest economy in late January. Beijing told exporters to pursue other markets in Asia, Europe and Africa after Trump slapped punitive duties on their goods starting in 2018. China retaliated by raising tariffs on American soybeans and other goods.
China’s customs agency began reporting January and February trade figures together this year to screen out the impact of the Lunar New Year holiday, which comes at different times each year during the two-month period.
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