(Yicai Global) May 9 — With government support and key enterprises gradually getting back to work, China’s international trade growth is expected to stabilize and rebound this month after slowing in the first four months. from the first quarter due to the re-emergence of Covid-19 in the country, experts say.
Trade rose 7.9 percent to 12.6 trillion yuan ($1.9 trillion) between January and April from a year earlier, according to data released today by the General Administration of Trade. customs. That was slower than the 10.7% increase in the first quarter.
Exports jumped 10.3 percent to 7 trillion yuan ($1.04 trillion), while imports rose 5 percent to 5.6 trillion yuan. The trade surplus jumped 39%.
Trade with the Association of Southeast Asian Nations, China’s largest trading partner, soared 7.2 percent to 1.84 trillion yuan, accounting for 14.6 percent of the total value of the country’s foreign trade. Trade with the European Union, China’s second-largest trading partner, rose 6.8% to 1.73 trillion yuan, while trade with the United States rose 8.7% to 1.560 billion. billion yuan.
But year-over-year export growth will be stronger this month than in April as businesses get back to work and despite rising US interest rates and high commodity prices, according to Zheng Houcheng, director of the Yingda Securities Research Institute.
The Chinese cabinet proposed at its executive meeting on May 5 the need to help foreign trade enterprises cope with difficulties through measures such as more credit, production guarantees, logistics and jobs, and restoring cargo capacity at seaports and airports.
Global dependence on Chinese products continues to grow, Wei Jianguo, former vice minister of commerce, told Yicai Global. Amid the pandemic, the Russian-Ukrainian conflict and the uncertain outlook for the global economy, China is playing an increasingly important role and its foreign trade enterprises should seize the opportunity to take more orders, said he declared.
Publishers: Dou Shicong, Peter Thomas