China exports decline in April, compounding pressure on economy

[BEIJING] China's exports shrank in April, adding downward pressure on an economy grappling with overcapacity and a property slump.

Overseas shipments fell 6.2 per cent from a year earlier in yuan value, the customs administration said in Beijing on Friday. That compared with the median estimate for a 0.9 per cent rise in a Bloomberg survey of analysts. Imports slid 16.1 per cent, leaving a trade surplus of 210.21 billion yuan (US$33.9 billion).

The weaker-than-expected export performance compounds challenges for an economy that last quarter expanded at the slowest pace since 2009. The central bank has cut benchmark interest rates and banks' reserve ratios twice in the last six months to cushion the slowdown.

BLOOMBERG