Beijing, China, recorded a surge in their exports in April as compared to the previous year.
According to analysts polled by Reuters, they beat an estimated growth of 24%. In April, US dollar denominated exports rose 32.3% from a year ago, China’s customs agency said.
From a year ago in April,
Exports to:
US – rose 31% to $42.05 billion; Australia – rose 20% to $5.25 billion; EU – rose 24% to $39.92 billion.
Whereas imports from:
US – rose 52% to $13.94 billion; Australia – rose 49% to $14.87 billion; EU – rose 43% to $26.79 billion.
The corona virus crisis in India along with the recovering US economy, were the main reason for this boost in China’s trade, in April. An analyst added that the volumes are “probably close to a cyclical peak”.
Amidst the US sanctions and Global chip shortages, China bought more integrated circuits. This increased the demand for their electronics and high-tech products.
Despite the varying stages of the corona virus pandemic and the political tensions, China’s trade grew with major partners and is expected to continue at an inclined rate.