China’s export growth slowed to a three-year low last year as the effects of trade tensions with the US and a slowing global economy took their toll, reported the Financial Times.
Exports grew 0.5% in dollar terms in 2019, the lowest reading since 2016, when they contracted, and down from the 9.9% growth a year earlier, according to China’s general administration of customs. Imports fell 2.8% last year.
In renminbi terms, trade with the US fell 10.7% to RMB 3.73 trillion ($541 billion). But Zou Zhiwu, vice-minister at China’s customs administration, said bilateral trade between the world’s two largest economies began to improve at the end of the year.
“Our US imports started to recover in November and December,” he said at a briefing on Tuesday, pointing to a 9.1% year-on-year increase last month. Imports of US agricultural products doubled while vehicle imports increased 50%, he said.