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 amid progress in worldwide COVID-19 vaccination, while import growth surged to the highest in four years.
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.
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.
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.
TRADE CHALLENGES
Official and private manufacturing surveys in China pointed to robust growth, with export orders returning to growth amid improving foreign demand.
However, many analysts believe exports could lose some momentum in the short term and the advantages of orders transferred from other countries due to coronavirus-related disruptions will begin to abate
Reference: CNBC, Ceicdata
Thai
Eng