China’s exports declined by 17.2% January and February combined on a yearly basis, the data published by China’s General Administration of Customs showed on Saturday.
Further details of the revealed that imports fell by 4% in the same period and the trade surplus with the United States fell to $25.37 billion from $42.16 billion in the same period last year.
As reflected by the plummetting PMI data earlier this week, this reading confirmed the significant negative impact of the coronavirus outbreak on the Chinese economy.
“The Coronavirus outbreak’s impact on China’s trade will be temporary,” the press release read. “The long-term improving trend of China’s trade has not changed despite the coronavirus outbreak.”