China Customs: Exports are facing a complex, severe external situation, but 'the sky will not fall'

The General Administration of Customs of the People's Republic of China (China Customs) said on Monday, “at present, China's exports are facing a complex and severe external situation, but "the sky will not fall". “

Additional quotes

• Year-on-year (YoY) decline in imports in the first quarter was mainly due to the decline in international product prices and fewer working days.

China’s January-March Yuan-denominated exports +6.9% YoY.  

• China’s Jan-March Yuan-denominated imports -6.0% YoY.
• In the first quarter of this year, economic operation started smoothly, foreign trade pushed forward under pressure, and achieved scale growth and quality improvement.
• Will strictly implement all measures to control the United States in accordance with the law and safeguard national sovereignty and security.
• China is actively building a diversified market, deepening cooperation with all parties in the supply chain.
• Importantly, China's domestic demand market is broad.

Market reaction

AUD/USD keeps its range near 0.6300, adding 0.15% on the day at the time of writing.