China’s major ports reported growth in container throughput in mid-April, data from an industrial association shows.
From April 11 to 20, container throughput at China’s eight key ports increased 17.8 percent year on year, according to the China Ports and Harbours Association.
Specifically, the container throughput for foreign trade rose 22.3 percent from a year earlier during the same period.
The growth rate of container throughput at Ningbo Zhoushan port exceeded 30 percent in mid-April, while that of Shanghai, Xiamen and Shenzhen ports exceeded 20 percent, said the association.
Japan's upper house of parliament on Wednesday approved the world's largest free trade deal RCEP which comprises 15 Asia-Pacific countries.The bloc includes the 10 member countries of the Association of Southeast Asian Nations (ASEAN) as well as China, Japan, South Korea, Australia and New Zealand. Japan's House of Representatives, the lower house of the parliament gave its approval earlier this month.
The Regional Comprehensive Economic Partnership (RCEP), signed in November 2020, is expected to create a massive free trade zone across a wide assortment of indicators, and its 15 member states are home to 2.27 billion people, with a total gross domestic product of $26 trillion and total exports of $5.2 trillion. When taking effect, the deal will eliminate tariffs on 91 percent of goods and introduces common rules on investment and intellectual property to promote free trade. For Japan, it will be the first trade deal that involves both China, its largest trading partner and South Korea, its third largest trading partner.
China's export growth unexpectedly speeds up in April
China's exports growth unexpectedly accelerated in April as the brisk United States recovery and stalled factory production in other countries hit by COVID-19 propped up demand for goods made in the world's second-largest economy. Exports in dollar terms surged 32.3 per cent from a year earlier to US$263.92 billion, China's General Administration of Customs said on Friday (May 7), beating analysts' forecast of 24.1 per cent and the 30.6 per cent growth reported in March.
We expect China's export growth will stay strong into the second half of this year, as the two factors above will likely continue to favour Chinese manufacturers. Exports will be a key pillar for growth in China this year.
NextInsight
a hub for serious investors
