The General Administration of Customs of China released the new figures. It shows that the manufacturing sector and its foreign trade stimulate the global supply chain and satisfy consumer demand worldwide.
The country’s imports of crude oil, coal, iron ore, and copper in January look far from bullish.
Li Kuiwen, an official with the General Administration of Customs, said the encouraging trade figures are due to the low statistics of the first two months of last year. Back then, the coronavirus outbreak affected China’s foreign trade.
Because of the growing demand for goods due to the European Union and the United States markets’ recovery, there is a significant growth in Chinese exports. Exports to destinations such as Europe, the United States, and Japan increased by 59.2% year-on-year, explained Li Kuiwen.
Gao Lingyun, a researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, stated that China’s foreign trade pandemic recovery has substantially stabilized global industrial chains.
China is the world’s largest importer of all significant commodities, leading in iron ore and copper.
The Chinese exports soared 50.1% annually, while its imports rose 14.5%
In the first two months, the country’s iron ore imports were 181.5 million tonnes. It went up 2.8% from the same period in 2020.
As for copper, in the first two months of this year, it saw imports of 884,009 tonnes, up 4.65% from the same period in 2020.
In the first two months of the year, coal imports were 41.13 million tonnes, down 39.5% from 67.94 million in the same period in 2020.
From January to February, the country’s exports soared 50.1% annually, while its imports rose 14.5% year-on-year. Also, the trade surplus reached 675.86 billion renminbi.
The outlook for Chinese exports will remain positive during 2021. Availability of vaccines and stimulus policies in many countries support it. New business models drive the country’s foreign trade. Such is cross-border e-commerce, said Gu Xueming, President of the China Academy of International Trade and Economic Cooperation.
The General Administration of Customs registered that, in the first two months of 2021, China’s trade with the Association of Southeast Asian Nations reached 786.2 billion renminbi. It went up by 32.9% year-on-year. Meanwhile, trade with the EU increased by 39.8%.
During the same period, the value of trade in goods between China and the United States grew 69.6 percent year-on-year.