US Economic Growth and India's Major Spread Drive China's April Exports Up 32%

[Image source=AP Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Last month, China's exports and imports surged by 32.3% and 43.1% respectively compared to the same month last year.

On the 7th, Bloomberg News and others reported this citing trade statistics released by China's General Administration of Customs (Customs Office) on the same day.

China's exports in April amounted to $263.92 billion (approximately 296.01 trillion KRW), an increase of 32.3% compared to the same month last year. This far exceeded the forecast of 24.1%.

By product category, clothing and toys increased by more than 60%. Mobile phones and computers also rose by 38% and 1%, respectively. By region, exports to the United States surged by more than 30%. The European Union (EU) and the Association of Southeast Asian Nations (ASEAN) also increased by 20-40%.

Imports rose 43.1% to $221.06 billion (approximately 247.92 trillion KRW). Major foreign media described this as "the highest level since January 2011."

By product category, crude oil and soybeans surged by 70% and 50%, respectively. Semiconductors increased by 23%. By region, imports from the United States and Australia each increased by more than 50%.

The trade surplus was $42.85 billion (approximately 4.8 trillion KRW). In terms of the yuan, exports increased by 22.2% and imports by 2.2%.

Experts cited the economic growth of the United States and the spread of COVID-19 in India as factors contributing to the increase in China's exports. Jiwei Zhang, Chief Economist at Pinpoint Asset Management, told major foreign media, "The economic growth of the United States and the COVID-19 crisis in India increased orders for Chinese products," adding, "This contributed to the double-digit growth in exports."

He also said, "Export growth will continue in the second half of the year," and "Depending on the situations in the United States and India, preference for Chinese manufacturing will continue, making exports the key driver of China's growth this year."

This content was produced with the assistance of AI translation services.