In a rare development, China’s exports and imports each declined in March as the country’s economy continues to struggle.
Customs data shows that China’s exports declined 7.5% in March from a year earlier, while its imports fell 1.9%.
China, which is the world’s second biggest economy after the U.S., reported a trade surplus of $58.55 billion U.S. for March.
The export and import declines come as China’s economy struggles with a slowdown that has been prompted, in large part, by a crisis in the country’s property sector.
China’s government has set a target of 5% economic growth for this year. Analysts say the target is ambitious and will likely require more policy support from the government in Beijing.
Other recent data has showed that China’s manufacturing activity grew in March for the first time in six months, a sign that an economic recovery might be taking hold.
However, worries are growing that China might dramatically increase its exports to help meet its economic growth target, creating excess capacity in many industries.
Surging shipments of Chinese electric vehicles to Europe have become an issue in recent months, for example.
U.S. Treasury Secretary Janet Yellen raised the issue of overcapacity with Chinese officials during a recent visit to Beijing.
