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China's export sector shows signs of revival, bolstering the economy
Posted on May 14, 2024 |
China experienced a slight uptick in April exports, surpassing expectations with a 1.5% increase in dollar terms compared to the previous year, marking a reversal from March's decline.
Import figures surged by 8.4% during the same period, resulting in a notable trade surplus of $72.4 billion for the month.
Following the release of these trade statistics, a key measure of Chinese shares listed in Hong Kong saw a 1.6% rise, breaking a two-day losing streak.
The global demand, particularly from the US, is strengthening and is anticipated to provide additional support to China's economy, counteracting reduced domestic consumer spending due to a real estate downturn.
Beijing's economic strategy relies on robust overseas sales to mitigate the effects of weakened household expenditure domestically.
Beyond China, other Asian trading nations also witnessed growth in overseas sales last month, driven by strong demand from the US.
South Korean exports saw a nearly 14% surge, while Taiwan reported record-high shipments to the US during the same period.