Air Freight News

China imports rise most in year amid signs of economic recovery

China saw its biggest gain in imports in a year last month, while a slide in exports decelerated, adding to evidence that the world’s second-largest economy is recovering from the impact of pandemic lockdowns.

Imports rose 4.2% from a year ago to $197 billion in February, following a slump of 21.4% in January and snapping four months of decline, figures released Saturday by the General Administration of Customs showed. Exports slipped 1.3% year-on-year in February to $214 billion, slowing from a slide of 10.5% in the previous month.

With the rebound in imports, the trade surplus narrowed to $16.8 billion, the smallest since March 2021, according to the customs data.

The figures provided a further sign that the Chinese economy is picking up after a surge of infections following Beijing’s abrupt abandonment of its Covid Zero strategy at the end of 2022. February figures also were helped by sequential improvement after the the week-long Chinese New Year holiday at the end of January this year.

Rising imports underline China’s recovering demand for global commodities as domestic consumption gains momentum. Beijing is looking for consumer spending to help counter the impact of falling exports, a still weak property market and shrinking government resources for large fiscal stimulus, as it aims to achieve growth of around 5% this year.

That marks a shift from the past two years, when exports were a key pillar of China’s growth, countering a slump in domestic spending as Covid restrictions hit business and consumer confidence. Global demand for Chinese goods started falling in late 2022, as soaring inflation and higher interest rates in the rest of the world dented consumer spending.

Among specific items, China’s imports of coal surged 160% year-on-year in volume terms last month while those of crude oil rose 12%. The country bought 11.5% more of iron ore by volume from abroad, while imports of farm produce including meat, soy beans and edible oil soared 27.3% by value.

At the same time, the value of imports of machines to make semiconductors and automatic data-processing units and accessories — products targeted by US trade restrictions — plummeted 22.5% and 42.7% year on year, respectively.

Exports were boosted in February by a 68.7% jump in the value of car shipments, and a 38.5% increase in steel products.

Bloomberg
Bloomberg

{afn_job_title}

© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).

Similar Stories

US is asking allies to tighten servicing of chip gear in China

The US is asking allies to impose more restrictions on maintaining chipmaking equipment in China as the Biden administration seeks to further thwart Beijing’s ambition to build cutting-edge semiconductors.

View Article
France delays new EU-Canada trade deal vote after Senate setback

The French government will delay holding another vote on the European Union’s free-trade deal with Canada, after an embarrassing setback in the Senate.

View Article
China ‘very close’ to ending Australia wine tariffs, business chief says

The Chinese government is “very close” to lifting the heavy tariffs on Australian wine imports, a business lobby said, while tempering expectations about all producers returning to the market after…

View Article
https://www.ajot.com/images/uploads/article/China_soybean_chart.jpg
Gap in China’s soybean trade casts doubt on data reliability
View Article
https://www.ajot.com/images/uploads/article/White_corn.jpg
El Nino may see first S. Africa white-corn import since 2017
View Article
https://www.ajot.com/images/uploads/article/Russian_oil_tanker.jpg
Sanctions “Yet to curtail Russia with any compelling effect.”
View Article