The economic damage from China’s Covid restrictions around the global trade hub of Shanghai is starting to emerge, according to Bloomberg Economics.
Export growth in dollar terms slowed to 3.9% from a year earlier — the weakest pace since June 2020 — after a 14.7% rise in March.
Imports were unchanged in April after sliding 0.1% in the previous month.
The biggest declines in exports last month were those to Russia, with shipments falling about 26% from a year ago, followed by Hong Kong, the U.K., Japan and Germany. Exports to the U.S. rose 9.4%.
American businesses in China are slashing investments and lowering revenue projections as the lockdowns hit operations and supply chains, according to a new poll from the American Chamber of Commerce in China.
Separately, Chinese Premier Li Keqiang warned of a “complicated and grave” employment situation as Beijing and Shanghai tightened curbs on residents in a bid to contain outbreaks in the country’s most important cities.