DH Latest NewsDH NEWSLatest NewsNEWSInternationalBusiness

China records sharp trade rise as signs of economic recovery becomes more evident

China recorded a sharp trade rise as the world’s second largest economy showed fresh signs of gradual recovery from the Covid pandemic.mports of U.S. goods surged 10.6% to $10.4 billion despite tariff hikes in a fight with Washington over trade and technology. Exports to the United States gained 1% to reach $39.8 billion.

Chinese imports rose 3% over a year earlier to $167.2 billion, rebounding from May’s 3.3% decline, customs data showed Tuesday. Exports edged up 0.4% to $213.6 billion, an improvement over the previous month’s 16.7% contraction.

But the dragon lands exports are still in a slumber,with exports to the United States gained 1% to $39.8 billion.International trade analysts say the exports will continue to show a downward trend as demand for masks and other medical supplies recedes and U.S. and European retailers cancel orders.

India after the face-off with Chinese forces at Galwan valley also has cancelled many of the major Chinese projects and Pre-orders from China. China constitutes 9 percent of India’s total export and 18 percent of total merchandise imports. India imports 20 percent of the auto components and 70 percent of electronic components from China. Similarly, 45 percent of consumer durables, 70 percent of APIs and 40 percent of leather goods imported are from China.

The sea ports in India are clogged with containers from China,with-held for stringent quality checks and red tape tangles following the soured realation ship with dragon land.

Leading indicators “suggest that exports will start to contract again before long,” Martin Rasmussen of Capital Economics-International trade analyst said in a report. Imports “should continue to ramp-up” as the government spends more to support economic recovery and consumer demand, Rasmussen said

Tags

Post Your Comments


Back to top button
Close