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China's exports are growing by 30 percent


Beijing - China's foreign trade is experiencing robust growth, which is further boosting the second largest economy. In March, exports in US dollars increased by 30.6 percent compared to the same period of the previous year, as the customs authorities reported in Beijing on Tuesday.

Imports grew unexpectedly by as much as 38.1 percent. The increased global demand and the low comparison base last year after the sharp economic slump at the beginning of the Covid crisis in China ensured the strong growth rates.

"The fact that exports develop better remains a leitmotif in China's upswing," said Liu Peiqian of the investment firm Natwest Markets on Bloomberg TV. The expert saw the reasons as "a combination of demand from the global recovery and China's role in filling gaps in global supply chains". Importers switched to China when other countries were unable to fulfill their orders due to interruptions due to the pandemic.

Overall foreign trade increased by 34.2 percent in March. It was the ninth straight month that Chinese exports grew. Imports rose for the sixth consecutive month. For the first quarter there is an increase in exports of 49 percent. Imports rose 28 percent, reflecting strong economic activity in China and rising commodity prices. In the first two months of the year, China's exports had already jumped 60.6 percent, while imports had risen by 22.2 percent.

Germany is also benefiting from the strong recovery in China, its most important trading partner. According to the customs data, imports from Germany rose by 28.4 percent in the first quarter. Conversely, China delivers 60.5 percent more goods to Germany. Despite the trade war with the USA and the punitive tariffs, Chinese exports to the USA rose by as much as 74.7 percent in the three months. Imports from the USA increased by 69.2 percent.

Source: Zeit Online

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