China posts rapid trade growth in April as recovery races ahead
China extended its impressive trade performance in April, with exports unexpectedly accelerating and import growth hitting a decade high, in a boost to the world's second-largest economy.
A brisk U.S. economic recovery and stalled factory production in other countries hit by coronavirus have propped up demand for goods made in China, analysts say.
Exports in dollar terms surged 32.3% from a year earlier to $263.92 billion, China's General Administration of Customs said on Friday, beating analysts' forecast of 24.1% and the 30.6% growth reported in March.
China commodity imports rise in April on year
China’s imports of major commodities mostly rose in April from a year ago, data from the General Administration of Customs showed on Tuesday, as the world’s second-biggest economy continued its post-COVID-19 gains.
China’s overall imports rose 43.1% from a year earlier, the fastest gain since January 2011.
China's April oil imports fall 0.2% y/y as refining margins narrow
China’s crude oil imports in April fell 0.2% from a year earlier as refiners curbed production to relieve a squeeze in profit margins brought about by rising crude oil prices and bulging inventories.
The world’s biggest crude oil buyer brought in 40.36 million tonnes of crude oil in April, or 9.82 million barrels per day (bpd), data from the General Administration of Customs showed on Friday.
That was the lowest since December and was down from 11.69 million bpd of imports in March.
Reference: Reuters
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