November 7, 2020

Chinese foreign trade continues to rise as global economy stall

China ecoonomy

President Xi Jinping of China

President Xi Jinping of China

China’s imports grew 4.7 per cent and exports rose by 11.4 per cent year-on-year as its economy continued to recover from the coronavirus pandemic, according to October customs data released on Saturday.

China has largely managed to control the virus after a disastrous start to the year that saw Beijing lock down tens of millions of people and the economy contract 6.8 per cent in the first quarter.

The new figures from China’s General Administration are the latest sign of China’s economic recovery as consumption returns to normal levels.

The recovery was made possible by an aggressive containment of the virus’s spread through mass testing, movement tracking and entry bans.

Chinese manufacturers have been buoyed by global demand for medical goods and consumer electronics to help with lockdown and self-isolation.

In October, the Caixin manufacturing Purchasing Managers’ Index hit its highest level in nearly a decade.

China saw a boost in trade with the United States in October as well even as a resurgence in the number of virus cases is expected to dampen the US economic recovery.

READ ALSO: US becomes China’s largest source of service imports

Exports to the US rose 22.5 per cent year-on-year in October, while imports grew 32.9 per cent, according to customs data.

Trade with the European Union, where lockdown measures are returning, fell in October with exports contracting 7 per cent year-on-year and imports only growing a modest 8.4 per cent.

The total volume of China’s imports and exports stood at just under 416 billion dollars for October, a slight decrease of 6 per cent compared to September.


Vanguard News Nigeria