Export closure blow in China

Indicators in the Chinese economy continue to reveal the effect of the shutdown measures.

According to foreign trade data for April, the country's exports in dollar terms grew by 3.9 percent compared to the same period of the previous year. Thus, the weakest growth in exports since June 2020 was realized. Economists participating in the Bloomberg survey expected exports to grow by 2.7 percent.

In March, the country's exports grew by 14.7 percent.

There was no change in imports in April. Economists had expected a 3 percent decrease in imports.

Beijing is vigilant about the economic impact of the measures
While the epidemic measures put pressure on economic activity, Chinese Premier Li Keqiang drew attention to the critical situation of employment in the country. Keqiang sent a letter to government departments and regional administrations, stating that they should prioritize measures that will help companies create jobs and meet these challenges.

The majority of cases are seen in Shanghai, the country's largest city.

More than 600 thousand cases have been recorded since March 1 in the epidemic triggered by Omicron cases in Shanghai, whose population exceeds 26 million.

The "gradual closure" announced in the city on March 28 was extended indefinitely in the whole city as the cases did not decrease. It has been reported that the measures will be lifted in places where there are no cases except quarantine zones.

In the city, where quarantine measures have been ongoing for 6 weeks, manufacturing, construction and trade companies carry out their activities under closed-circuit epidemic protection measures.

Keqiang called on companies to resume production along with Covid measures.