China’s exports grew at a strong pace in March

China’s exports grew at a strong pace in March

China’s exports grew at a robust pace in March in yet another boost to the nation’s economic recovery as global demand picks up.

This amid progress in worldwide COVID-19 vaccination, while import growth surged to the highest in four years.

The data reinforces signs of gathering momentum for the world’s second largest economy as it emerges from the COVID-19-led slump in early 2020.

China’s exports in dollar terms soared 30.6 percent in March from a year earlier.

But at a slower pace from a record 154.9 percent growth in February.

The analysts have forecast a 35.5 percent jump in shipments.

Imports increased 38.1 percent year-on-year last month, the highest since February 2017, beating a 23.3 percent forecast and compared with 17.3 percent growth in February.

China posted a trade surplus of US$13.8 billion last month, versus analysts’ expectations for the surplus to rise to US$52.05 billion from US$37.88 billion in February.

Despite sporadic COVID-19 cases in China’s border cities, authorities have been able to largely contain the virus in a boost to factory activity.

As production has gradually picked up to pre-pandemic levels.

Beijing managed to largely bring the COVID-19 pandemic under control much earlier than many countries.

Thanks to stringent anti-virus curbs and lockdowns at the initial phase of the outbreak last year.

That has helped its economy mount a rapid turnaround after a slump at the start of 2020, led by resurgent China’s exports growth as factories raced to fill overseas orders.

Global demand for Chinese goods have remained strong as the world economic recovery has continued to gather pace helped in part by stepped up vaccination efforts.

China’s gross domestic product expanded 2.3 percent last year, the only major economy to post growth in 2020, underpinned by solid demand for goods such as medical equipment.

Source: CNA

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