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Trade Trends News
11-05-2024
China's imports and exports rebounded in April after contracting last month.
Customs data shows that exports from China increased by 1.5% compared to the same period last year. After a 7.5% decline in March, this was the first contraction since November. Imports in April grew by 8.4%, surpassing the expected 4.8% and reversing the 1.9% decline in March.
In the first quarter, driven by better-than-expected trade data for January and February, imports and exports increased by 1.5% year-on-year. However, weak data for March raised concerns about the momentum of economic growth possibly faltering again.
As the peak season for air conditioning consumption approached, power generation companies increased their purchasing efforts, with China's coal exports reaching 45.25 million tons in January, an 11% increase year-on-year.
Iron ore imports rose by 1.1% last month as the price drop in March encouraged some buyers to place orders for key steelmaking raw materials, betting on demand and prices rebounding later this year.
Due to buyers rushing to purchase cheap and abundant soybeans from Brazil, soybean imports in April increased by 18% compared to the same period last year.
China's trade surplus increased to $72.35 billion, while a public opinion poll forecasted $77.5 billion, compared to $58.55 billion forecasted in March.
For much of last year, Chinese exporters struggled due to rising interest rates depressing overseas demand. Manufacturers may face further pressure in competing for market share as the Federal Reserve and other developed countries are not eager to cut borrowing costs.
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