The General Administration of Customs of China (GAC) revealed today that Chinese exports showcased a notable recovery in April, marking a turnaround from a severe contraction observed in March. This resurgence signals a promising uptick in overseas demand for Chinese goods.
In April, exports surged by 1.5% year-on-year, aligning with economists’ forecasts. This positive trajectory follows a challenging period in March when China experienced a 7.5% decline in exports, marking their first downturn since November 2023.
Imports, on the other hand, experienced robust growth in April, rising by 8.4%, surpassing economists’ expectations of a 4.8% increase. Consequently, China’s trade surplus expanded to $72.35 billion in April, up from $58.55 billion in March. However, this figure fell short of the anticipated $77.50 billion.
According to GAC data, China’s imports from the United States recorded a 9% year-on-year increase in April, while merchandise exports to the United States witnessed a slight dip of nearly 3%. Despite this, the United States remains China’s largest trading partner.
Meanwhile, within Asia, the Association of Southeast Asian Nations (ASEAN) emerges as China’s primary trading partner. Chinese merchandise exports to ASEAN saw an 8% increase in April compared to the previous year, with imports from ASEAN also registering a notable uptick of 5%.
In contrast, exports from China to the European Union (EU) experienced a decline of 3.5%, while imports from the EU saw a modest rise of nearly 2.5%.
The resurgence in Chinese exports coupled with growing import figures indicates a promising trajectory for China’s trade landscape, signaling improved economic conditions amidst a global recovery from the impact of the pandemic.