中国貿易 下落傾向　2020年3月

In March 2020, China’s exports and imports remained on a downward path, dropping by 6.6% y/y and 0.9% y/y, respectively. With the exports worth USD 185.15bn and imports - USD 165.25bn, China recorded a trade surplus of USD 19.9bn. 

The decline in the exports was mainly caused by weaker demand from the EU and the US, as the Covid-19 pandemic led to freeze in business activity. Among China’s main trading partners, the ASEAN countries, Taiwan and South Korea had positive contributions. Exports to these regions rose by 7.7% y/y, 4% y/y and 1.4% y/y, respectively, partly due to the increased regional semiconductor trade. 

The March imports decreased by 0.9% y/y, less than expected and signaling China’s gradual resumption of work in manufacturing. Imports from Taiwan, ASEAN, Japan and Brazil grew by 11.4%, 10.5% y/y, 4.8% y/y and 4.2% y/y, respectively. By contrast, imports from the hard-hit regions dropped significantly, with a 12.6% y/y drop and a 6.5% y/y decrease of imports from the US and the EU, respectively. 

Detailed data and analysis on COVID-19 and its economic impact can be found in CEIC’s COVID-19 Outbreak and Impact Monitor.