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Economy in China: Significantly increasing imports and exports

2021-04-13T06:08:10.353Z

It is an important ray of hope for German exporters: China has increased its imports for the sixth time in a row. In other respects, however, the country isolates itself strictly.



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Container port in Shanghai: bright spot for German exporters

Photo: ALY SONG / REUTERS

China once again reports strong growth rates in foreign trade.

In March, exports in US dollars increased by 30.6 percent compared to the same period of the previous year, as reported by the customs authorities in Beijing.

Imports grew unexpectedly by as much as 38.1 percent.

The strong increase can also be explained by the fact that the comparison basis in the same period of the previous year is low.

At that time, China had to shut down its economy significantly because of the corona pandemic.

But now global demand is picking up again and Germany's exporters are also benefiting from China's recovery.

Overall Chinese foreign trade increased by 34.2 percent in March.

It was the ninth straight month of growth in Chinese exports.

Imports increased for six months in a row.

For the entire first quarter, this results in an increase in exports of 49 percent.

The imports increased by 28 percent, as the customs further reported.

In the first two months of the year, China's exports had already jumped 60.6 percent.

Imports rose 22.2 percent in January and February.

Germany is also benefiting from the strong recovery in China, its most important trading partner.

According to the customs figures, imports from Germany rose by 28.4 percent in the first quarter.

China delivers 60.5 percent more goods to Germany.

Despite the trade war with the USA and the punitive tariffs, Chinese exports to the USA rose by as much as 74.7 percent in the three months.

Imports from the USA increased by 69.2 percent.

Since China has largely had the corona pandemic under control since last summer, everyday life and economic activities have normalized.

After 2.3 percent growth in China last year, an increase of more than six percent is expected this year.

In 2020, China was the only major economy in the world to see growth.

On Friday, the statistical office wants to present the growth figures for the first quarter.

Strict entry restrictions

While German exporters are benefiting from China's recovery, other German companies are feeling the effects of the People's Republic's strict isolation.

Because China's government is pursuing a strict zero-Covid strategy: the authorities reacted immediately to the few smaller outbreaks in the past few months with curfews, quarantine, mass tests and contact tracing.

There are also strict entry restrictions.

Anyone who is allowed to re-enter the country as a Chinese or who is even given a visa as a foreigner must be in a quarantine facility for at least two weeks after arrival.

German companies operating in China complain about the inadequate issuing of visas, short-term changes in regulations and sometimes poor quarantine conditions.

The mechanical engineering association VDMA recently criticized it is hardly possible to send employees to the country to install, repair or maintain systems under acceptable conditions.

The problems were described as large and bad for business.

mmq / dpa

Source: spiegel

All business articles on 2021-04-13

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