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China: Register current account deficit in the first quarter of 2020
09:50 - 09/05/2020
Information / Baghdad ..
China recorded a deficit in the current account in the first quarter of this year due to the closure to combat the Covid-19 epidemic, despite achieving a trade surplus and an unexpected rise in exports during last April.
On Friday, data from the State Administration of Foreign Exchange showed that the current account deficit amounted to $ 29.7 billion in the first three months.
Commodity trade recorded a surplus of $ 26.4 billion, while services trade witnessed a deficit of $ 47 billion, and a decrease of 26% year on year, due mainly to weak demand in the travel and transportation sectors due to the epidemic.
The net direct investment flow during this period was $ 14.9 billion.
Wang Qiying, a spokeswoman for the bureau and chief economist, noted that China's international balance of payments maintained a basic balance in the last quarter, with stable capital flows across borders.
Citing the sound economic fundamentals and opening-up moves of the country, Wang said that as trade and production activities gradually return to course, the balance of payments will remain stable in the future. End / 25
China recorded a deficit in the current account in the first quarter of this year due to the closure to combat the Covid-19 epidemic, despite achieving a trade surplus and an unexpected rise in exports during last April.
On Friday, data from the State Administration of Foreign Exchange showed that the current account deficit amounted to $ 29.7 billion in the first three months.
Commodity trade recorded a surplus of $ 26.4 billion, while services trade witnessed a deficit of $ 47 billion, and a decrease of 26% year on year, due mainly to weak demand in the travel and transportation sectors due to the epidemic.
The net direct investment flow during this period was $ 14.9 billion.
Wang Qiying, a spokeswoman for the bureau and chief economist, noted that China's international balance of payments maintained a basic balance in the last quarter, with stable capital flows across borders.
Citing the sound economic fundamentals and opening-up moves of the country, Wang said that as trade and production activities gradually return to course, the balance of payments will remain stable in the future. End / 25
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