JAKARTA (TheInsiderStories) – China’ trade balance shifted to surplus US$32.64 billion in March, or rose 87.23 percent from previous month of worth of $4.12 billion, government data reported on Friday (04/12). This positive achievement was driven by surging exports while imports declined sharply.
The data showed, on annual basis, exports rose 14.2 percent to $198.7 billion in March, rebounding from a marginal decline of 20.8 percent in February, which was the sharpest decline in three years, and beat market expectations of a 7.3 percent increase.
The increase came following the Lunar New Year holiday, and amid rising global demand and optimism about trade talks with its rivals United States.
However, the trade surplus with the US, China’s largest export market, narrowed to $20.5 billion from $14.72 billion in the previous period. For the period from January to March, the trade surplus with the US was recorded at $62.66 billion, data showed.
Thus, China’s trade surplus in the first quarter (1Q) of 2019 widened sharply to $76.3 billion from $54.6 billion in the same period the previous year. During this period, exports grew 1.4 percent from the previous year, while imports shrank 4.8 percent.
Export growth has become a major component that supports China’s rapid economic expansion. China’s main exports are: mechanical and electrical products, high-tech products, clothing, textiles, footwear, furniture, plastic and ceramic products, motors and generators and integrated circuits.
China’s main export partners are the United States, Hong Kong, European Union where Germany, Britain and the Netherlands, and Southeast Asia countries (ASEAN) include Vietnam, Japan, South Korea and India.
Meanwhile, China imports declined sharply by 7.6 percent to $166 billion, worse than market expectations from a 1.3 percent decline and after a 5.2 percent decline in February.
Data shows that the decline in bamboo curtain country imports due to domestic demand continued to weaken for four consecutive months. In the beginning of 2019, it was reported that many China factories were closed due to company efficiency and changes in government policies.
China’s main imports are mechanical and electrical products and high-tech goods. China is also one of the largest commodity consumers in the world with crude oil, iron ore, copper and aluminum being the most important.
China’s main import partners are European Union Germany, ASEAN countries including Malaysia, South Korea, Japan, Taiwan, the United States, and Australia.
Written by Daniel Deha, Email: firstname.lastname@example.org