(Bloomberg) -- China’s export slump worsened in April, making it harder for the government to revive the world’s third-biggest economy.
Overseas sales declined 22.6 percent to $91.94 billion from a year earlier, the official Xinhua News Agency said. Imports fell 23 percent.
The collapse of world trade has cost millions of jobs in China and dragged growth to its weakest pace since at least 1999. Surging lending and a 4 trillion yuan ($586 billion) stimulus package are yet to establish solid foundations for an economic recovery, the central bank said last week.
“The export outlook remains highly uncertain and downbeat,” said Tao Dong, chief Asia economist at Credit Suisse in Hong Kong. China will still be the first major economy to “crawl out of recession” as lending and stimulus spending fuel growth, he added.
The yuan was little changed after the report, trading at 6.8252 per dollar as of 10:19 a.m. in Shanghai, compared with 6.8230 yesterday.
April’s export decline compared with March’s 17.1 percent slump. The median forecast of 19 economists surveyed by Bloomberg News was for a 15.3 percent drop.
Seasonally-adjusted, exports rose 6.9 percent from the previous month and imports climbed 15.1 percent, Xinhua reported.
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