China’s exports surge as economy rebounds from ‘zero COVID’

Chinese exports are up for the first time in six months, up 14.8 percent year-on-year.

Chinese exports surged in March as the world’s second-largest economy continued to recover from Beijing’s harsh “zero COVID” pandemic policy.

Total exports rose 14.8 percent year-on-year, customs data showed on Thursday, the first increase in six months and a sharp increase from March last year, when lockdowns crippled the economy. Imports fell by 1.4 percent less than expected.

Trade data far exceeded expectations of economists, many of whom had predicted a further decline in exports. Analysts polled by news agency Reuters had expected exports to fall by 7 percent, after a drop of 6.8 percent in the January-February period.

China abruptly removed some of the world’s strictest COVID curbs in December, sparking a wave of business that has prevented many businesses from operating normally.

Chinese Premier Li Qiang, who took office last month, told a cabinet meeting last week that officials should “try every method” to increase trade with developed economies and push companies to explore emerging market economies, such as those in Southeast Asia. Asia.

China has set a growth target of about 5 percent for gross domestic product (GDP) this year, following growth of just 3 percent in 2022, one of the lowest rates in decades.