Business & Economy

China’s foreign trade grows over 32% year-on-year in Jan-Feb

Beijing, Mar 7 (efe-epa).- China’s trade with the rest of the world increased by 32.2 percent year-on-year in January and February, the official data published on Sunday showed.

The General Administration of Customs said the volume of China’s foreign trade during the first two months of the year reached 5.44 trillion yuan ($837.34 billion).

The official statistics show that the country’s exports grew 50.1 percent year-on-year to 3.06 trillion yuan during January and February.

Meanwhile, imports rose 14.5 percent to stand at 2.38 trillion yuan in the same period.

Therefore, China’s trade surplus was 675.86 billion yuan against the deficit of 43.3 billion yuan recorded in the same period of 2020.

The sharp increase in China’s foreign trade is partly due to last year’s low comparative base.

At the end of January last year and throughout February, the government suspended economic activity in the country to contain the coronavirus spread, whose first cases were detected in the Chinese city of Wuhan.

In an analysis published in conjunction with the latest figures on Sunday, the General Administration of Customs said even compared to normal years, such as the same period in 2018 and 2019, the rate of growth in foreign trade is around 20 percent year-on-year.

Among other reasons for this increase, according to the agency, is the recovery of demand in China, which would explain the growth of imports.

Meanwhile, the increased exports can be attributed to an improvement in the economies of developed countries such as those of the European Union and the United States. EFE-EPA


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