BEIJING: Despite a fall in demand in the US and Europe as a result of interest rate hikes to combat inflation, China's exports unexpectedly recovered to growth in March.
According to customs figures released on Thursday, exports increased 14.8% over a year earlier to $315.6 billion, rebounding from a 6.8% decline in January and February.
The reduction in imports, which fell by 1.4% to $227.4 billion, was less severe than the 10.2% drop in the preceding two months. The politically charged global trade imbalance for China increased by 82% over the previous year to $88.2 billion.
According to
import export data, the country's exports and imports grew in the Jan-March period of 2023. This is an encouraging sign for the Chinese economy, which has been facing headwinds from the ongoing COVID-19 pandemic and the trade tensions with the United States.
China's exports grew by 13.5% year-on-year in March, beating market expectations, while imports grew by 15.7% year-on-year, the highest in four years. For the Jan-March period, Also, China's exports increased by 11.5% year-on-year, while imports grew by 13.7% year-on-year.
The growth in exports was driven by a surge in demand for Chinese goods, particularly in the United States and Europe, as well as an increase in shipments of medical supplies and electronic products. The growth in imports was led by a rise in demand for commodities such as iron ore and copper, as well as higher imports of consumer goods.
