International Business Daily, a Chinese-language newspaper, cited an unidentified official who is expecting a decline in exports in March of at least 10 percent from a year earlier. Although double-digit, the decline is lower than the drop in exports in February of more than 25 percent.
The World Bank’s mid-year report forecasts China’s economic recovery within this year. Mainly fueled by the country’s economic stimulus measures, the recovery will start in the second half of this year and take full hold in 2010. The World Bank forecast is based on a number of positive indicators, including loans, imports, purchasing managers’ index (PMI) and industrial value-added.
Continuing its strategy of piling up commodities while global prices are on a seven-year low, China increased its crude oil imports in March compared with the previous two months. While crude oil imports fell in January and February this year, China is now boosting its inventories of strategic commodities.
