Exports from China were up 14.1% in April compared with the same month last year. Photo / Getty Images
Exports from China were up 14.1% in April compared with the same month last year. Photo / Getty Images
China’s overseas shipments grew at a faster pace than expected last month, official data showed Saturday, despite pressure on the global economy caused by war in the Middle East.
Exports from the manufacturing powerhouse were up 14.1% in April compared with the same month last year, the General Administration ofCustoms (GAC) said.
The growth outpaced a Bloomberg forecast of 8.4% based on a survey of economists, and significantly picked up pace from the 2.5% increase in March.
Booming trade has represented a vital lifeline for Beijing in recent years as the domestic economy lags, with sluggish spending and a stubborn debt crisis in the property sector weighing on activity.
Observers are awaiting a high-stakes meeting in Beijing next week between Chinese President Xi Jinping and US counterpart Donald Trump.
The talks previously set for late March were delayed by the US-Israeli war with Iran, which has sent global energy prices soaring as shipping through the vital Strait of Hormuz has effectively come to a halt.
Exports from China to the US increased 11.3% year-on-year in April, rebounding from a 26.5% drop in March. Photo / Getty Images
For Trump, China’s massive surplus in bilateral trade between the countries has long been a major sticking point.
Before the key summit, China’s exports to the United States grew 11.3% year-on-year in April, official data showed Saturday, returning to growth after dropping by 26.5% in March.
Economists argue China should shift towards a growth model powered more by household consumption than traditional drivers, including real estate and infrastructure investment.
In a positive sign for domestic spending, imports into the world’s second-largest economy grew 25.3% year-on-year last month.
That figure beat a Bloomberg forecast of 20% but was lower than the 27.8% surge in March.
