icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

China trade rebounds despite gloomy global outlook amid coronavirus lockdown

China trade rebounds despite gloomy global outlook amid coronavirus lockdown
The Chinese Ministry of Commerce has reported that the country’s trade improved in March, following a dramatic collapse caused by the Covid-19 pandemic in the first two months of the year.

“Imports and exports have shown a certain improvement in March, according to feedback from various regions and industries,” said commerce ministry spokesman Gao Feng, adding: “But at the same time, the impact of the global epidemic on the world economy and international trade is gradually emerging.”

The World Trade Organization projects global trade to plunge by up to 32 percent this year as a result of the coronavirus outbreak.

Also on rt.com China's exports of key medical supplies rise to $1.5 BILLION amid global shortage of anti-virus gear

The outlook for China’s exports still remains grim, and some of the country’s exporters (especially textile, apparel and automotive firms) have been hit hard by shrinking global demand, the ministry said.

According to Gao, the ministry will closely follow and evaluate the extent of the pandemic’s effect on China’s foreign trade sector.

Beijing is increasing efforts to defend its “bedrock” exports, he said, noting that the government had not placed any restrictions on exports of medical equipment and supplies.

Data showed that the country exported 10.2 billion yuan (US$1.4 billion) worth of protective medical equipment between March 3 and April 4, including 3.86 billion masks and 37.52 million protective suits. Overall, in January and February, China’s exports were valued at US$292 billion.

Also on rt.com Rice & wheat prices surge amid fears Covid-19 lockdown may threaten global food security

Gao said that 58 countries and regions and four international organizations had already signed purchase agreements for medical supplies with China, while another 71 countries and 10 international organizations were in negotiations.

The State Council, China’s cabinet, announced a series of policies this week to support trade, including setting up 46 new integrated pilot zones for cross-border e-commerce.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.