China’s trade with the United States and the rest of the world surged by double digits in April as consumer demand recovered, but growth appeared to be slowing.
Global exports
rose 32.3% over a year ago to $263.9 billion, in line with March but down from
the explosive 60.6% rise in the first two months of 2021, customs data showed
Friday. Imports increased 43.1% to $221.1 billion, accelerating from March’s
38.1% expansion.
China’s trade
gains look especially dramatic due to comparison with a year ago, when global
economies shut down to fight the coronavirus. Forecasters say growth is
flattening out once that distortion and seasonal fluctuations are taken into
account.
Despite the jump
in April’s headline figures, exports are leveling off “and the rebound in
imports stalled,” Julian Evans-Pritchard of Capital Economics said in a report.
“Demand is probably close to a cyclical peak.”
The trade outlook
is overshadowed by a tariff war with Washington and surveys that show April
growth in export orders weakened. President Joe Biden has yet to say what he
might do about reviving talks aimed at ending the trade war.
On the domestic
front, economic output in the three months ending in March grew only 0.6% from
the previous quarter, showing China’s explosive rebound was abruptly slowing.
That suggests growth in Chinese demand for iron ore, consumer goods and other
imports will cool.
Chinese
manufacturers of smartphones, cars, consumer electronics and other goods also
are hampered by global shortages of processor chips as industries revive
following the pandemic.
April exports to
the United States rose 30.8% over a year ago to $42 billion despite tariff
hikes that stayed in place after Beijing and Washington agreed to a truce in
their trade war last year. Imports of American goods rose 23.5% to $13.9
billion despite Chinese tariff hikes.
China’s global
trade surplus narrowed by 5% to $42.8 billion, a sign Chinese demand is recovering
faster than in the rest of the world. Its politically volatile surplus with the
United States widened by 33.4% to $28.1 billion.
Exports to the
27-nation European Union rose 23.9% over a year ago to $39.9 billion while
imports gained $43.3% to $26.8 billion. China’s trade surplus with Europe
narrowed by 3% to $13.1 billion.
Exporters
benefited from the early reopening of China’s economy and demand for masks and
other medical supplies while some governments are re-imposing anti-virus curbs
that limit business and trade.
The latest Chinese
import figures also are inflated by the rise in global prices for iron ore and
other commodities. That can make imports look bigger while the amount of goods
holds steady or declines.
In the four months
through April, Chinese exports jumped 44% over a year earlier to $973.7
billion. Imports rose $31.9 billion to $815.8 billion.
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