Chinese exports surged by a third to 264 Billion dollars in April from a year ago as global demand for Chinese electronics, medical equipment, and clothes rose around the world. Chinese imports climbed even higher — by more than 43% to 221 Billion dollars.
China’s exports surged more than expected in April as global demand for Chinese goods remained elevated amid countries’ varying stages of dealing with the coronavirus pandemic.
U.S. dollar-denominated exports rose 32.3% in April from a year ago, China’s customs agency said Friday. That beat an estimate of 24.1% growth from analysts polled by Reuters.
Imports rose 43.1% in U.S. dollar terms, also topping expectations of 42.5% growth, based on a Reuters poll.
In terms of trading partners, the Southeast Asian Nations, or Asean group, remained the largest, followed by the European Union, the U.S., and Japan. China’s total trade surplus stood at 43 Billion dollars for the month.
The recovery in US‑China trade has reversed much of the trade war slump, even though few restrictions on trade have been removed,” he said.
He noted that China has also bought Australian products despite restrictions, mostly on farm goods.
“While product details are not available, we speculate the surge in commodity prices is behind both the expansion in China’s imports from Australia and China trade deficit with Australia,” Capurso said.
Chinese imports from Australia rose 49% in April to $14.87 billion, while exports rose 20% to $5.25 billion.