BEIJING (CHINA) – As global demand picks up amid progress in worldwide COVID-19 vaccination and import growth surging to the highest in four years, China’s exports has also grown at a robust pace in March, Boosting the nation’s economic recovery.
The data suggests the world’s second largest economy will continue to gather momentum as it emerges from the COVID-19-led slump in early 2020, though a lagging consumer rebound, a resurgence in COVID-19 cases in many countries and Sino-US tensions have raised risks for the outlook.
Exports in dollar terms soared 30.6% in March from a year earlier, but at a slower pace from a record 154.9% growth in February. The analysts polled by Reuters have forecast a 35.5% jump in shipments.
“Strong foreign demand is likely to be sustained throughout the second quarter as the global economy further recovers,” said Nie Wen, an economist at Hwabao Trust.
Asian stocks markets were broadly positive after the data, with strong imports giving investors confidence that domestic demand is improving as part of the recovery from the pandemic. wait for publish
The data showed total Chinese imports jumped 38.1% year-on-year last month, the fastest pace since February 2017 on high commodity prices, beating a 23.3% forecast and compared with 17.3% growth in February.
Meat imports of 1.02 million tonnes in March marked the highest monthly volume since at least January 2020, while imports for soybeans iron ore, copper and crude oil also rose.
China posted a trade surplus of $13.8 billion last month, versus analysts expectations for the surplus to rise to $52.05 billion from $37.88 billion in February.