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Financial News: China Exports Growth Exceeds Expectations

China Exports Growth Exceeds Expectations

03/07/2024 - 02:43:00 (RTTNews)

(RTTNews) - China's exports growth accelerated more than expected in the first two months of this year on the back of improving global demand despite the geopolitical tensions.

Exports registered an annual increase of 7.1 percent in the January to February period after expanding 2.3 percent in December, data from the Customs Office revealed Thursday. Shipments were expected to gain 1.9 percent.

Likewise, the increase in imports advanced to 3.5 percent from 0.2 percent. This was bigger than economists' forecast of 1.5 percent.

The trade surplus surged to $125.16 billion, which was also well above the forecast of $103.7 billion.

China's trade data for January and February are usually combined to avoid distortions from the Lunar New Year holiday.

Capital Economics' economist Zichun Huang said China's export sector managed to withstand the global downturn in goods demand by expanding its market share, which was helped by exporters slashing prices and currency weakness.

However, the economist expressed doubt about the sustainability of the strength as exporters have limited scope to reduce prices to secure market share and the renminbi is expected to appreciate this year.

Imports are also forecast to increase more gradually in the coming months, given limited potential for an uptick in fuel imports, the economist added.

<a href=https://www.rttnews.com/3429762/china-maintains-growth-target-of-about-5.aspx target=_blank >China targets to achieve economic growth</a> of about 5 percent this year despite the fading favorable base effects, real estate meltdown and deflationary pressures.

Authorities are seen initiating policy stimulus to attain this ambitious target.

The International Monetary Fund forecast China GDP to grow only 4.6 percent this year and 4.1 percent in 2025.

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