Chinaâs exports in March rise 31% as global demand revives
Qatar Tribune
Agencies Chinaâs exports rose 30.6% over a year ago in March as global consumer demand strengthened and traders watched for signs of what President Joe Bid...
AgenciesChinaâs exports rose 30.6% over a year ago in March as global consumer demand strengthened and traders watched for signs of what President Joe Biden might do about reviving tariff war talks with Beijing.Exports rose to $241.1 billion, decelerating from the dramatic 60.6% rebound in the first two months of 2021, customs data showed Tuesday. Imports rose 38.1% over a year ago to $227.3 billion in a sign of reviving Chinese activity.That is a âpositive signal that global economic and trade activities are recovering and market confidence increasing,â a spokesman for the customs bureau, Li Kuiwen, said at a news conference. Li warned, however, that âthe world economic situation still is complicated and severe.â Chinaâs exporters have benefited from the relatively early reopening of its economy while some other governments are re-imposing anti-virus curbs that limit business and trade.âWe expect export momentum to remain robust in the rest of 2021,â Tommy Wu of Oxford Economics said in a report. âWhile global shipping delays pose a near-term challenge, the strong global economic recovery that we expect this year should support Chinaâs export outlook.â Exports to the United States jumped 53.6% in March to $38.7 billion despite tariff hikes still in place on Chinese goods in a trade war launched by former President Donald Trump over Beijingâs technology ambitions.Imports of US goods, also still under Chinese retaliatory duties, soared 74.7% to $17.3 billion.Biden, who took office in January, says he wants better relations with Beijing but has given no indication he might roll back Trumpâs tariff hikes, which set off historyâs biggest global trade conflict.The two sides have yet to say when their top trade envoys might meet again.Lower-level US and Chinese officials hold monthly meetings by phone on the status of the âPhase 1â agreement in January 2020.Beijing promised to buy more American soybeans, natural gas and other exports while the two sides postponed more tariff hikes. Most penalties on each otherâs goods stayed in place.China fell behind on meeting its purchase commitments but started to catch up as demand rebounded.Chinaâs global trade surplus narrowed by 30.6% in March from a year earlier to $13.8 billion.The politically volatile surplus with the United States rose 39% to $21.4 billion.Chinese trade figures look especially dramatic compared with early 2020, when the ruling Communist Party shut factories to fight the virus and trade plunged.For the first three months of 2021, exports jumped 49% over a year earlier to $710 billion. Imports rose 28% to $593.6 billion The ruling party set an economic growth target of âover 6%â this year, which should help propel demand for foreign oil, iron ore, food, consumer goods and other imports.More Related News