By Gina Lee
Investment.com – Chinese exports in March despite boosting global demand, while imports grew at a faster rate, according to data released earlier in the day.
up 49% year-on-year, higher than the 35.5% growth in forecast by Investor.com but still well below February’s 60.6% growth.
Despite slowing growth compared to February’s record gains, export momentum remains strong as the COVID-19 vaccine continues to roll out globally and a recovery in global growth, albeit not, remains strong. evenly, has helped drive demand.
Natwest Markets economist Peiqian Liu told Bloomberg: “Export efficiency remains a theme in China’s rebound,” adding that it was due to “a combination of global recovery demand as well as China’s role in filling the global supply chain gap ”.
Meanwhille, up 38.1% year-on-year, was higher than the 23.3% growth in the Inveting.com forecast and the 22.2% growth in February.
Australia and New Zealand Banking Group’s senior China strategist Xing Zhaopeng told Bloomberg.
“Looking ahead, while rising commodity prices may increase import costs, recovery outside demand may partially offset the impact,” he said.
Trading value stood at $ 116.35 billion, compared with the $ 52.05 billion forecast and $ 103.25 billion recorded in February.
Although the Ministry of Commerce of China has not forecasted the prospects for foreign trade of this country, it has committed to promoting stable development in foreign trade by 2021. Meanwhile, the World Trade Organization forecast that global trade will increase by 8% by 2021., the largest increase since 2010, after falling 5.3% in 2020.
The comparison with the figures from early 2020, when China entered the strict COVID-19 shutdown, which caused most of its economy to close, also skew the figures. The distortion prompted Premier Li Keqiang to call on investors and companies over the weekend to look beyond the ‘fundamental effect’ and to use other data and methods to assess the economic situation. .
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