Following a decline in 2023, China's trade began the new year with a rise above expectations.
Key Points
China's Trade Recovery: Starting 2024, China's exports and imports rebounded sharply, exceeding expectations with a 7.1% and 3.5% rise respectively, marking a significant recovery from the previous year's decline.
Exceeding Forecasts: The increase in China's trade activity, particularly exports surpassing the 3.9% prediction and imports the 0.7% market expectation, indicates a robust start to the year, bolstered by a global upturn in technology product exports.
According to the General Administration of Customs of China, the country's exports and imports for January-February 2024 significantly rebounded, with exports increasing by 7.1% to $528 billion and imports by 3.5% to $402.9 billion compared to the same period last year. This resulted in a trade surplus of $125.1 billion for the first two months.
The growth in exports surpassed the 3.9% forecast by Chinese financial data provider Wind, and the rise in imports exceeded market expectations of 0.7%. The global recovery in technology product exports positively impacted countries like Germany, South Korea, and Taiwan, which rely heavily on this sector, as well as China.
After experiencing a decline in both exports and imports in 2023 due to economic challenges post-COVID-19, China, the world's largest exporter, has shown signs of recovery. Last year, exports fell by 4.6% and imports by 5.5% on an annual basis.