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World trade: Chinese export economy reports lush growth rates

2021-10-13T06:03:01.095Z

In September, Chinese companies sold significantly more goods around the world than experts had expected. For German exporters with customers in China, however, times are getting tougher.



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Yangshan container port: Import growth slower than predicted

Photo: JOHANNES EISELE / AFP

The boom in Chinese exports is continuing. In September, exports of the second largest economy in US dollars rose by 28.1 percent compared to the same month last year, according to customs officials in Beijing on Wednesday. The increase was even higher than in the previous month, when experts' expectations had already been exceeded with an increase of 25.6 percent. Imports, on the other hand, grew more slowly than forecast with only 17.6 percent, after having increased by 33.1 percent in August.

However, China bought remarkably little in Germany.

The sales of exporters even fell by 2.4 percent in September, according to the customs statistics.

On the other hand, China exported a hefty 37.5 percent more to Germany.

Chinese exports to the EU rose similarly by 30.6 percent, while imports only increased by 1.1 percent.

Low basis of comparison

Overall, China's trade surplus rose to 66.76 billion US dollars (previous month: 58.3 billion US dollars).

The strong growth must, however, also be seen against the background of the low comparative basis in the previous year, when the effects of the pandemic only slowly subsided.

Exports to the US, which has been waging a trade war with China for three years, rose 30.6 percent.

Imports increased by 16.6 percent.

In order to settle the conflict, Washington is calling for a significant increase in Chinese imports from the USA, which Beijing has promised but has not yet achieved as promised.

The strong export figures surprised experts who, with reference to the power shortage in China that has persisted for weeks and the subsequent production failures, had expected a lower increase.

It was even assumed that the hitherto strong global demand for goods "Made in China" might decrease slightly.

The energy shortage dampened industrial activity in China in September.

Due to the transition to cleaner energies, increasing demand with lower production and massive increases in coal prices, many regions in China lack sufficient electricity.

Factories are often only briefly instructed to stop their production on a daily basis in order to save electricity.

According to experts, rationing and scarcity are expected to increase due to the upcoming heating season in winter and continue into spring.

mik / dpa

Source: spiegel

All business articles on 2021-10-13

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