China's fiscal revenue decline slowed in the first three months this year as Beijing works to shore up its economy while weathering the storm from mounting U.S. tariffs.
Fiscal revenue in the January-March period totalled 6.0 trillion yuan ($821.54 billion), down 1.1% year-on-year, data from the finance ministry showed on Friday, a deceleration from a 1.6% decline in the first two months of 2025.
China's tax revenue fell 3.5% in the first quarter from the previous year, while non-tax revenue surged 8.8%, the ministry said. Fiscal expenditure rose 4.2% on year in the January to March period.
China has set a budget deficit target to around 4% of GDP this year, its highest on record, to help hit its growth target of around 5%, though analysts believe it may be increasingly difficult to achieve in the face of hefty U.S. tariffs.
Earlier this month, global ratings agency Fitch downgraded China's sovereign credit rating, citing rapidly rising government debt and risks to public finances, suggesting a tricky balancing act for policymakers seeking to expand consumption to guard against a trade downturn.
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Recent data showed an even recovery in the world's second-largest economy, which is facing increasing headwinds from an escalating trade war with the United States.
China's new bank lending and exports beat expectations in March but deflationary pressures persisted as consumer prices fell for the second straight month and factory-gate deflation worsened.
China's economic recovery since the COVID-19 has been shaky despite state stimulus, as domestic demand remains sluggish due to weak confidence in the face of a years-long property market crisis and renewed deflationary pressure.
Policymakers have repeatedly said the country has ample room and tools to bolster the economy and premier Li Qiang this month pledged to roll out more proactive policy measures. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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India's oilmeals export fell 21 per cent to Rs 12,171 crore last fiscal mainly due to decline in sales volumes by 11 per cent, according to data compiled by Solvent Extractors' Association of India (SEA).
In a statement on Friday, edible oil industry body SEA said the total export of oilmeals in 2024-25 fiscal fell 11 per cent to 43,42,498 tonnes compared to 48,85,437 tonnes in the preceding year.
This was mainly due to reduction in export of rapeseed meal & castorseed meal, it added.
In terms of value, the exports decreased 21 per cent to Rs 12,171 crore in 2024-25 from Rs 15,368 crore in the preceding year, said B V Mehta, Executive Director of SEA.
Bangladesh in spite of political turbulences become a largest importer of Indian oilmeals. India exported 7.42 lakh tonnes to Bangladesh in 2024-25, down 17 per cent from 892,659 tonnes in the preceding year.
South Korea become the second largest importer of Indian oilmeals. India exported 6.99 lakh tonnes of oilmeals last fiscal, down 16 per cent from 2023-24 fiscal.
Thailand become the third largest importer of Indian oilmeals. It imported 4.48 lakh tonnes of oilmeals in 2024-25 fiscal, which is 25 per cent down from 632,734 tonnes in the preceding year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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