After a difficult year, exports and imports in the second largest economy are stabilizing. But German exporters, of all people, are not benefiting.
Chinese foreign trade continued its recovery in the first two months of the year. As the Beijing customs authority announced, the value of Chinese exports in January and February rose by 7.1 percent year-on-year to the equivalent of 528 billion US dollars (around 484 billion euros). Imports increased by 3.5 percent to around 125 billion US dollars.
The growth in imports and exports was above analysts’ average expectations. Due to fluctuations caused by the Chinese New Year, which always falls differently in January or February, China combines the data for both months.
However, Chinese trade with Germany was mixed in the first two months of the year. While China’s exports to the Federal Republic increased by 2.1 percent, imports fell by 18.3 percent compared to the previous year. China’s exports to the entire EU fell by 1.3 percent and imports fell by 9.4 percent.
Trade boom between China and Russia
The trade boom between China and Russia, however, continued. Here, Chinese exports rose by 12.5 percent, while imports also rose sharply at 6.7 percent. Since the start of the war in Ukraine, trade between the two neighboring countries has accelerated significantly.
In a difficult economic environment, Chinese foreign trade fell significantly last year. Exports fell by 4.6 percent. China’s imports fell by 5.5 percent for the year as a whole. At the end of the year, however, there was already evidence of a stabilization in trade.
Despite a difficult global trading environment, China is recording positive signs in exports and imports, Trade Minister Wang Wentao said on Wednesday on the sidelines of the ongoing annual meeting of the People’s Congress in Beijing. The recovery will continue, Wang said.
China’s Prime Minister Li Qiang announced an ambitious growth target of around five percent for this year at the start of the People’s Congress on Tuesday. At the same time, however, he warned that it would not be easy to meet the requirements. “It will not be easy to achieve this year’s goals,” Li told the 2,872 delegates. You have to “work hard” and pull together on all sides.
Source: Stern
