Chinese exports grew due to the devaluation of the yuan


China’s exports in April fell by 1.8% compared to April last year, reports Reuters, citing data from the General administration of customs. Interviewed by Agency analysts had expected in April, exports will decline by 0.1%. Meanwhile, in the yuan due to the drop of the currency exports grew by 4.1%, says Bloomberg.

Imports decreased by 10.9% compared to the same period of 2015 (expected a reduction of 5%), continuing 18-month fall.

In April trade surplus of China amounted to us $is 45.56 billion, while analysts predicted a value of $40 billion.

The index of business activity in industrial sector of China in April amounted to 50.1 points. This result was below the forecasts of analysts by Reuters. Against the background of optimistic indicators in March they expected that by the end of April the index to rise to 50.4 points.

In mid-April, China reported increase in oil imports. China customs reported that for January—March 2016, China imported around 91.1 mn tonnes of oil, bringing daily volumes of import to 7.34 million barrels. Thus, in the first quarter in annual terms, the oil imports grew by 13%. Such indicators were associated with low crude oil prices.

However, in March China announced a record since 2009 the decline in exports. In February exports fell by 25.4% and imports also declined by 13.8%, showing a decline in the 16th month in a row.