BEIJING (AFP) - China's exports fell 14.6 per cent on-year in March to 886.83 billion yuan (about S$195 billion), the government said Monday, an unexpected drop and a further sign of weakness in the world's second-largest economy.
Imports also fell, declining 12.3 per cent to 868.67 billion yuan on-year, the General Administration of Customs said, while the monthly trade surplus plummeted 62.6 per cent to 18.16 billion yuan.
The export decline was far off what economists had expected, with a survey by Bloomberg News projecting an increase of 8.2 per cent. The poll forecast imports to decrease 11.3 per cent.
China's economy slumped to annual growth of 7.4 per cent in 2014, the weakest result in 24 years and the slowdown appears to have continued into this year as indicators including industrial production, consumer spending and fixed asset investment have slumped.
China last month cut its trade growth target to about 6.0 per cent for this year, from the 7.5 per cent goal set for 2014.
Actual trade expanded 3.4 per cent last year, the third consecutive time the annual target was missed, owing to weakening domestic and foreign demand.
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