Post by account_disabled on Mar 9, 2024 16:24:19 GMT 5.5
China's exports increased 60.6% year-over-year in the first two months of 2021, higher than the 40% expected.
China's exports rose sharply in the first two months of 2021, reflecting strong global demand for manufactured goods, although the figures start from a very low base in 2020, with the economy in lockdown.
In total, there has been an increase of 60.6% measured in dollars, according to data from the General Administration of Customs published in early March, well above some economists' estimates of 40%. In fact, in February alone, exports increased by 154.9% from a year ago, a record monthly increase for Chinese exports on a year-on-year basis.
The first two months are normally Ecuador Mobile Number List volatile for China's economic activity due to the widespread closure of the country during the week of the Lunar New Year and in this case, the figures are even more distorted, since in 2020 factories and businesses were closed to contain the coronavirus outbreak at the beginning of the year. At that time, exports plummeted 17.4% in the first two months.
Despite those poor first two months of 2020, data shows that exports continued to benefit from growing global demand for medical equipment and work-from-home products, which has helped underpin China's V-shaped recovery from the shock effect. the pandemic since the second half of the year.
In addition, these solid trade data reflect the improvement in demand in its main partners such as the United States and Europe and an internal recovery that is driving the growth of imports, which are up 22% compared to the same period last year.
Overall, China's January-February trade surplus widened from December to $103.25 billion, well above economists' projection of $57.7 billion.
China's resilient export sector was a key pillar of the recovery of its economy, which expanded 2.3% last year, making it the only major economy to record growth in 2020.
This year, exports also benefited from a shorter-than-usual holiday for many workers over the Lunar New Year, as travel restrictions imposed earlier in the year prevented many workers from returning home and resumption. production soon.
On the other hand, imports also grew strongly, with 22.2% in the first two months of the year compared to 2020, exceeding the 16% increase predicted by different analysts.
However, for the second half of the year, exports may lose the strong momentum, as external demand for work-from-home and epidemic control products such as masks and protective equipment, may begin to slow as the pandemic already seems to be beginning to be kept under control. Likewise, more export economies will soon return to the market, which could generate more intense competition in global markets.
It will also depend on how the economic measures of Europe and the US evolve; if they continue to inject money, the purchase of Chinese products will continue to be encouraged.
The data was presented at the National People's Congress, the largest political meeting of the year, which took place in Beijing, and in which the government announced its economic agenda for the coming years.
In it, authorities pointed to growth in the Chinese economy of more than 6% this year, a relatively conservative goal compared to the 8.4% expansion that economists predict. The government also signaled more moderate fiscal and monetary policy after last year's stimulus to deal with the pandemic.