China Experienced Growth in Foreign Trade Last Month

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China Experienced Growth in Foreign Trade Last Month

China’s foreign trade continued to accelerate in September, confirming the rapid recovery of the world’s second largest economy, the first country to detect cases of the new coronavirus, but also to control the pandemic.

Exports increased 9.9% to 239,800 million dollars after having grown 9.5% in August, according to Chinese customs data.

Imports increased 13.2% to USD $202.8 billion, after contracting 2.1% in the previous month. Exports benefited from China’s early reopening compared to the rest of the world.

The country was the first to detect cases of covid-19 and to apply strict preventive measures, but it was also the first to restore normality, providing protective and medical equipment, at a time when many countries continue to fight the epidemic.

Chinese exporters have thus increased their market share in the face of foreign competitors limited by confinement and social distance measures.

Exports to the United States increased by 20.5% to USD $44 billion (EUR € 37.3 billion), despite the trade war between the two countries, which included the imposition of punitive customs duties on products from China. Imports of North American products increased 24.5%, to more than 11,000 million euros.

Economists have warned that some Chinese exporters of mobile phones and other high-tech products may face problems due to restrictions imposed by Washington on access to components produced in the US.