Coronavirus Brought China's Exports Down 17% in January and February

(10 March 2020)  According to the General Administration of Customs (GACC), China's exports dipped 17.2 percent year on year to $292.5 billion during the January-February 2020 period, while imports decreased 4 percent to $299.5 billion. The trade deficit stood at $7.09 billion in contrast to the same period last year when China had a trade surplus of $41.5 billion.

  • Since the decline in China's exports was about four times more than the decline in its imports, foreign trade will have a substantial negative effect on GDP growth in Q1 2020.
  • The GACC delayed the release of January’s trade data and instead published the combined January-February period values.

 

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