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China’s exports increased in the first 2 months of 2024

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Beijing. China’s exports increased rapidly in the first two months of 2024, according to government data. As the world’s second-largest economy, China, struggles for economic recovery, the growth in exports has given policy makers encouragement.

Foreign shipping has been working as the main driver of the country’s economic growth for a long time. Foreign exports provide security for large jobs in the manufacturing sector. Exports increased by 7.1 percent in January and February.

China’s General Administration of Customs said it beat analysts’ forecasts of 1.9 percent in a Bloomberg survey. This is a big increase compared to January-February of last year when China ended its strict zero-covid measures and returned to normal life. After six consecutive months of contraction in China’s foreign exports, there has been a modest increase since November.

However, concerns about the global economic scenario due to inflation and high interest rates are dampening demand for Chinese goods. Commerce Minister Wang Wentao acknowledged the recent revival at a major political gathering in Beijing on Wednesday, saying “the overall trend of reform is rising.” But he has warned that it may decline in March.

In recent years, China’s trade performance has been affected due to the growing geopolitical tension with Washington. This has encouraged Western firms to reduce their dependence on China. Imports, which increased by 0.2 percent in December, also increased by 3.5 percent in January-February.

In a Bloomberg survey, analysts had estimated that imports would increase by 2.0 percent during this period. Earlier, after China controlled imports for 11 months and prevented inflation from becoming more dangerous, the export rate was somewhat controlled from October.

Although trade between China and Russia reached a high point in 2023, imports from Russia were less strong in the first two months. China’s exports from Russia have increased by 6.7 percent, showing the weakest performance since April 2021. China’s trade surplus rose to $75.3 billion in December from $125.1 billion in the first two months.

 

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