Exports jumped 32.3 percent from April 2020, likely giving China’s economy a turbo boost this year, analysts say.
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 economic recovery in the United States 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 percent from a year earlier to $263.92bn, China’s General Administration of Customs said on Friday, beating analysts’ forecasts of 24.1 percent and the 30.6 percent growth reported in March.
“China’s export growth again surprised on the upside,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management, adding that two factors – the booming US economy and the COVID-19 crisis in India, causing some orders to shift to China – likely contributed to the strong export growth.
“We expect China’s export growth will stay strong into the second half of this year, as the two factors above will likely continue to favor Chinese manufacturers. Exports will be a key pillar for growth in China this year.”
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