Chinese Exports Best Forecast, Best Import Growth in 10 Years, Auto News, ET Auto
Beijing, May 7, 2021 – Chinese exports grew at a rate that exceeded expectations last month, data showed Friday, as imports surged to their strongest rate in a decade as the global economy rebounded from the pandemic crisis and that domestic consumption continued to recover. a healthy pace.
With the deployment of vaccines around the world – especially in the key US market – and economically painful lockdowns easing, demand for Chinese products has picked up this year, after falling off a cliff in 2020.
Overseas shipments climbed 32.3% year-on-year in April – surpassing the 24.1% expected in a Bloomberg survey – on a surge in demand for electronics and medical masks.
The impressive numbers are attributable to last year’s very low baseline due to the pandemic, but still show the global recovery is underway, led by the United States where the economy is shrinking. burn thanks to vast public spending and the largesse of the central bank.
At home, with the coronavirus largely under control, the vast army of Chinese consumers are returning to their daily lives after the difficulties of last year, sending imports up 43.1%, slightly below forecasts but the best increase since early 2011.
The jump was also sparked by a surge in commodity prices – iron ore is at an all-time high and copper close to one – electronics and integrated circuits, which are then mostly returned before being shipped. abroad.
The solid numbers will give cheer to Chinese leaders seeking to rebalance the economy, shifting from growth driven by public investment and exports to growth more dependent on domestic consumer demand.
“Beyond the pandemic, we believe that China will continue to rebalance itself in order to rely more on domestic demand in the longer term and while gradually modernizing in the global supply chain,” said Liu Peiqian. , from Natwest Group, in a note before the data was released.
– Bloomberg News contributed to this story –