China revised down March exports by unexpectedly large margin, economists say
The original March data was stronger than expected, but exports lost steam and have been falling since May. Economists who previously cast doubt on the strength of the March data don’t expect exports to recover significantly this year.
This large data revision is rare, but it will not have any significant impact on trade statistics or gross domestic product numbers, Xu Tianchen, senior economist at the Economist Intelligence Unit, told Reuters on Friday. By country, March exports to the United States have been revised down by $2.2 billion, to South Korea down by $412.9 million and down by $109.9 million to Japan, according to Reuters’ calculations.The reduction of the March figure is equal to around 44% of 2022′s total exports revision. In July, the customs administration slashed $24.21 billion from last year’s overall outbound shipments, creating a lower base for year-on-year comparisons.
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