Home Asian News China's exports rise as global demand revives - The Diplomat

China’s exports rise as global demand revives – The Diplomat


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China’s exports to the United States rose 53.6% in March to $ 38.7 billion, despite rising tariffs on Chinese goods.

Chinese exports were up 30.6% from a year ago in March as global consumer demand intensified and traders watched for signs of what President Joe Biden might do in recovering. tariff war negotiations with Beijing.

Exports rose to $ 241.1 billion, decelerating from a strong 60.6 percent recovery in the first two months of 2021, customs data showed Tuesday. Imports were up 38.1% from a year ago to $ 227.3 billion, a sign that Chinese activity is reviving.

It is a “positive signal that global trade and economic activities are recovering and market confidence is growing,” customs department spokesman Li Kuiwen said at a meeting. newspaper. However, Li warned that “the world economic situation is still complicated and severe”.

China’s exporters have benefited from reopening the economy relatively early while several other governments are re-imposing anti-virus measures that restrict business and trade.

Tommy Wu of Oxford Economics said in a report: “We expect export momentum to remain strong for the rest of 2021.” While the delay in global shipping poses a challenge. In the short term, the strong global economic recovery we expect this year will support China’s export outlook. “

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Exports to the US rose 53.6% in March to $ 38.7 billion despite rising tariffs on Chinese goods during a trade war launched by former President Donald Trump over technological ambitions of Beijing.

Imports of US goods, also subject to Chinese retaliation, increased 74.7% to $ 17.3 billion.

Biden, who took office in January, said he wanted better relations with Beijing but gave no indication that he could reverse Trump’s tax hike, which caused the biggest global trade conflict. in history.

The two sides have yet to say when their top trade envoys may meet again.

Lower US and Chinese officials hold monthly telephone meetings on the status of the “Phase 1” agreement in January 2020.

Beijing has promised to buy more soybeans, natural gas and other US exports, while the two sides postponed more tariff hikes. Most of each other’s cargo penalties are upheld.

China has lagged behind in meeting its purchasing commitments but has started to catch up as demand has returned.

China’s global trade surplus narrowed 30.6% in March from a year earlier to $ 13.8 billion.

Surplus of political uncertainty with the United States rose 39 percent to $ 21.4 billion.

China’s trade figures look particularly impressive compared to early 2020, when the ruling Communist Party shut down factories to fight the virus and plunged trade.

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In the first three months of 2021, exports grew 49% from a year earlier to $ 710 billion. Imports increased 28% to 593.6 billion USD

The ruling party has set an economic growth target of “above 6%” this year, which will help boost demand for foreign oil, iron ore, food, consumer goods and other imports.

Exports to 27 European Union countries were $ 36.6 billion while imports of European goods were $ 27.5 billion.

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