Chinese exports grew by 8.5 percent in April and reached $295.4 billion, according to customs data announced on Tuesday. The increase initially indicates resilience of the Chinese economy in the face of weakening global demand.
Analysts, however, suggested the possibility the surge might be “a result of the low base from last year’s COVID-19 lockdown.” Accordingly, this would indicate that “global demand for Chinese goods remains weak.”
Global consumer demand weakened after interest rates were raised by the Federal Reserve and several European central banks.
Chinese exports to Russia increased three times compared to last year’s April, reaching $9.6 billion. On the other hand, Chinese exports to the United States decreased 6.5 percent, amounting to $43 billion.
Tensions between Beijing and Washington over security concerns triggered by Chinese industrial policy have affected trade relations.
Imports went down by 7.9 percent compared to the same time last year, achieving $205.2 billion. China’s trade surplus in April also grew by 82.3 percent compared to last year.
