China: after the lifting of restrictions linked to Covid-19, a strong recovery in exports
Container ship in the port of Shanghai, April 27, 2022. AP - Chen Jianli
Text by: RFI Follow
2 mins
According to figures published on Wednesday July 13 by Chinese customs, exports increased by 17.9% in June, following the lifting of health restrictions.
Exports therefore remain the engine of Chinese growth, even if the upturn is likely to be short-lived.
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With our correspondent in Beijing,
Stéphane Lagarde
In the concept of
“
dual circulation
”
dear to President Xi Jinping, the world's second economy operates on two legs: foreign trade and domestic consumption, and it is this domestic demand that the State wanted to see strengthened.
However, since the start of the pandemic, the opposite has been happening.
► To read also: China: slowing export growth, at its lowest level in almost two years
Whenever the Chinese Customs spokesperson smiles like today, it's mostly container ships that we see on the state media here.
Once the bottlenecks were loosened, after the lifting of the confinements, in particular in Shanghai, the major ports on the Chinese east coast went into overdrive to ship the goods on hold.
Sales of the Asian giant soared 17.9% last month.
Imports are slipping
The trade surplus reached 97 billion euros, its highest level in five months.
So smile from Li Kuiwen this Wednesday: foreign trade has resumed “
significantly
”, welcomed the customs representative, while pointing to the darkening sky.
"
The Covid-19 pandemic and the international environment are currently becoming more severe and complex
," he added.
China's trade development still faces unstable and uncertain factors.
»
Because for the rest, imports are slipping: + 1% in June compared to the previous year.
Signs of sluggish domestic demand marked by Omicron rebounds which are penalizing activity.
As for external demand, it could also decline with the threat of recession in the United States and Europe.
Driven by sales of epidemic protection and computer equipment during the Covid era, Chinese exports risk being affected by the cooling of orders from developed countries, with consumers more focused on services.
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