China April exports rise 8.0 pct, missing forecasts

China April exports rise 8.0 pct, missing forecasts

China exported 6.49 million mt of steel in April, down 14% from March and down 29% year on year, preliminary data released Monday by the General Administration of Customs showed.

While exports increased at a slower rate than March, when they soared by 16.4 percent, they followed a 1.3 percent fall in February.

"Growth in exports shows robust global demand", said Xia Le, a Hong Kong-based economist at Banco Bilbao Vizcaya Argentaria SA.

While China's economy grew faster than expected in the first quarter, policymakers have moved to reduce financial risks in the economy and stamp out speculative activity in the property market.

China's exports and imports did not rise as much as expected last month, leaving the world's second-largest economy with a bigger trade surplus.

But external demand appears strong and that should help China's exports, he added.

More news: Neymar Trial: Barcelona star ordered to court over £22m transfer fee

Imports rose 11.9 percent to $142 billion, slowing from 20.4 percent growth the previous month.

Even at a reduced pace, however, exports are expected to contribute to growth in the world's second-largest economy this year as demand for technology products expands in the USA and Europe.

The country's trade surplus widened to 262.3 billion yuan ($38.0 billion) in April from 164.34 billion yuan in March.

China's export data had improved in March as fears of a trade war with the United States eased after US President Donald Trump's stance on Beijing softened after a cordial summit with President Xi Jinping.

The U.S. Commerce Department said last Tuesday it would open investigations into possible dumping and subsidization of imports of tool chests and cabinets from China and Vietnam.

Earlier this month, the US reported that its trade deficit was at its narrowest in months but rising imports of Chinese cellphones and telecoms gear pushed the trade gap with China higher. Foreign trade is expected to face a better environment in 2017 compared with the past two years, it said.

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