CHINA EXPORTS SURGE AS GLOBAL DEMAND RISES
China’s exports surged 60.6% over a year earlier in the first two months of 2021, after factories reopened and global demand started to recover from the coronavirus pandemic, Joe McDonald reported for Associated Press (AP).
Exports rose to $468.9 billion, customs data showed Sunday, accelerating from December’s 18.1% gain and nearly double the growth expected by forecasters. Imports jumped 22.2% to $365.6 billion, up from December’s 6.5% increase.
Chinese authorities combine trade data for the first two months to compensate for fluctuations due to the Lunar New Year holiday, which falls at different times each year in January or February.
Factories shut down for up to two weeks, then restock after they reopen.
Exporters benefited from the relatively early reopening of China’s economy after the ruling Communist Party declared victory over the disease last March while foreign competitors still face anti-virus controls.
Forecasters say the Chinese export surge should decelerate as demand for masks and other medical supplies eases and overseas competitors return to global markets. Trade officials have warned that the global situation still is “grave and complex.”