Photo by Tom Fisk on Pexels.com
China’s exports plunged by -7.5%yoy in Mar-24, ending 4-consecutive months of expansion and missed market expectations of -3.0%yoy.
Exports to the US dipped by -15.9%yoy (Feb-24: +13.4%yoy) while to the EU tumbled by -14.9%yoy (Feb-24: +5.1%yoy). Exports to ASEAN fell by -6.3%yoy, marking 2 straight months of contraction.
However, outbound shipments to Malaysia rebounded by +1.9%yoy (Feb-24: -13.0%yoy) but inbound shipment from Malaysia reduced by -3.5%yoy, the first decline in 3 months.
Overall imports declined by -1.9%yoy (market estimate: +1.2%yoy), falling for the second consecutive month. Against the previous month, both exports and imports expanded strongly by +27.0%mom and +22.5%mom, respectively.
Despite the year-on-year decline, the month-on-month performance continued to indicate positive momentum for China’s external trade performance.
In addition, business optimism especially among manufacturers continued on improving trend as reflected by the Caixin (Mar-24: 51.1) and NBS (Mar-24: 50.8) Manufacturing PMI figures, both at 1-year highs.
Nevertheless, escalation of geopolitical conflicts in the Middle East may impose downside risks to China’s economic recovery indirectly from potential spike in commodity prices and slowdown of global demand.
Historical analysis shows World Cup tournaments have limited influence on FBM KLCI performance, with macroeconomic…
The prolonged US-Iran conflict has turned into a drawn-out war of attrition, far exceeding the…
Malaysia’s palm oil inventories in May topped market expectation of 2.4m mt, as buyers switched…
Healthcare, energy, AI, and defense spending are approaching $25 trillion in 2026, creating a powerful…
Brrandom On its third anniversary, the AI-native marketing technology company launches six transformative AI practices,…
Forest City’s Special Financial Zone (SFZ) could exceed its RM2 billion investment target this year,…
This website uses cookies.
