China February exports post record rebound from pandemic-depressed 2020



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China February exports post record rebound from pandemic-depressed 2020

On Sunday, China customs data had unfolded that the world’s second-largest economy’s exports had surged by its steepest pace on record in February compared to the same time a year earlier, flagging a scintillating sign of a near term economic recovery on the deck.

On top of that, according to China customs data published earlier in the day, exports of Chinese-borne goods and services had witnessed a meteoric upsurge of 154.9 per cent last month on a year-on-year basis, while imports rose as much as 17.3 per cent, a level never witnessed since October 2018.

Aside from that, China customs data had also added that the country’s exports climbed about 60.6 per cent during first two months of the year compared to the same time a year earlier, when a raft of pandemic-led stiffer restrictions and lockdowns had nearly paralyzed the economy, well above of an analysts’ forecast of a 38.9 per cent rise in exports over the January-February period.

China February exports score record growth

In tandem, while several analysts were praising China’s success in containing the pandemic outbreak that appeared to have played a pivotal role in the country’s exports' surge last month, China customs department was quoted saying in a statement at it website that an improvement in factory activities in both EU and the United States alongside a jump in the volumes of imports followed by a flurry of stimulus measures had resulted in what could be seen as an unprecedented scale of uptick in exports and imports last month.

Concomitantly, adding that a flurry of Chinese firms remained open in January-February period despite Lunar New Year Holidays, the customs department statement added, “Our survey showed a lot of firms in export-oriented provinces stayed open, and orders that usually only get delivered after the new year had been delivered normally.