Sharpshooter post=25734China'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.
The data, which covers April 11-20, showed container volume at eight major Chinese ports increased 17.8% year-on-year, while export container volume increased 22.3%.
The port of Ningbo-Zhoushan posted a growth rate over 30%; the port of Shanghai, Xiamen and Shenzhen all posted a growth rate over 20%.
Container volume at eight major Chinese ports grew 15% year-on-year in late April, with export container volume increasing 17.5%, according to the statistics released by China Ports and Harbors Association.
The port of Ningbo-Zhoushan and Shenzhen posted a growth rate of over 30%.
The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, China, India, Japan, New Zealand and Republic of Korea).
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