China Trade Up By 16.3% In January-February 2022 Before Ukraine Invasion

China’s exports rose by double digits in January and February before Russia’s attack on Ukraine roiled the global economy, Joe McDonald reported for the Associated Press (AP).

Photo Insert: China exports grew by 16.3% over a year earlier to $544.7 billion in a sign global demand was recovering before President Vladimir Putin’s Feb. 24 invasion.

Exports grew by 16.3% over a year earlier to $544.7 billion in a sign global demand was recovering before President Vladimir Putin’s Feb. 24 invasion, customs data showed Monday. Imports advanced 15.5% to $428.7 billion despite a Chinese economic slowdown that the war threatens to worsen.

Forecasters say China and other oil importers will be hurt by surging prices due to Putin’s war. China’s No. 2 leader, Premier Li Keqiang, warned Saturday global conditions that are “volatile, grave and uncertain” and achieving Beijing’s economic goals will require “arduous efforts.”

Chinese authorities combine trade data for the first two months to screen out 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.

Import volumes are “likely to soften” as China’s vast construction industry cools under government pressure to reduce real estate developers’ debt, said Julian Evans-Pritchard of Capital Economics. He said demand abroad for Chinese exports will be dampened by rising inflation.

“There isn’t much room for a further rise in export volumes given that ports are already stretched to capacity,” said Evans-Pritchard. “Instead, the risks are to the downside.”

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic