JAKARTA (TheInsiderStories) – China’ exports grew at a brisk pace in March as global demand picked up amid progress on COVID-19 vaccination around the world, while import growth spiked to its highest level in four years, the custom office announced on Tuesday (04/13). The data showed, export jumped 30.6 percent and imports rose 38.1 percent in US Dollar term compared to a year ago.
The agency data showed exports rose at a slower pace than expected in March and imports surged on the back of rising commodity prices. The stronger unexpected rise in imports led the country’ trade surplus shrink to US$13.8 billion in March. While, the trade surplus with the United States was rose by 40 percent to $21.4 billion in annual basis.
Recently, Yating Xu, the senior economist at IHS Markit, rated China’ exports are expected to maintain the current strength in the near term as re-lockdown in the Europe and the United States due to the re-escalation of pandemic may impede global production recovery and the global supply shortage will continue to benefit China’ exports. While, the World Trade Organization forecast that global trade would increase by 8 percent in this year after falling 5.3 percent in 2020.
Demand for virus-related medical products, such as face masks and personal protective equipment, has helped China sell more products overseas. Beijing has doled out aggressive stimulus to support domestic demand even as a resurgence in coronavirus infections around the world has raised questions about the strength of a rebound in global economic activity.
In the fourth quarter of 2020, China’ economy grew faster before the COVID-19 pandemic hit the country.The world second largest economy grew 6.5 percent from the previous quarter at 4.9 percent, even the rest of the world upended by the virus.
Based on the official data, industrial production is a huge driver of the economic growth, surging by 7.3 percent in December 2020 from the previous year. Since the coronavirus spread across the country, Chinese government has sought to spur the economic growth through major infrastructure projects and by offering cash assistance to stimulate the public spending.
Presiden Xi Jinping has launched a series of policy measures, including more fiscal spending, tax breaks, cut lending rates and bank reserve requirements to revive the virus-hit economy and support jobs. Since then, Chinese economy continues to recover from decades of lowest growth seen in the first months of the year
Written by Editorial Staff, Email: firstname.lastname@example.org