China trade: rebound continues as imports surge 38.1 per cent in March, exports up 30.6 per cent

Exports grew by 30.6 per cent in March compared to a year earlier, partly skewed by low base from 2020

Imports grew by 38.1 per cent in March from a year earlier to US$227.34 billion, well above expectations of 24.5 per cent growth

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China’s exports grew by 30.6 per cent in March compared to a year earlier, skewed upward by low base from 2020, while imports grew by 38.1 per cent last month from a year earlier. Photo: Xinhua

Published: 11:14am, 13 Apr 2021Updated: 1:17pm, 13 Apr 2021

China’s imports and exports continued their strong rebound in March, data released on Tuesday showed.

Exports grew by 30.6 per cent last month from a year earlier to US$241.13 billion, down from the 60.6 per cent seen in January and February, and below the median result of a survey of analysts conducted by Bloomberg, which predicted 38.1 per cent growth.

This was still the ninth consecutive period of export growth, although the fact that exports fell by 6.6 per cent in March last year due to the impact of the coronavirus is a factor in the size of the increase this year.

Imports grew by 38.1 per cent in March from a year earlier to US$227.34 billion, up from the 22.2 per cent growth seen in January and February, and well above the Bloomberg survey, which predicted 24.5 per cent growth.

This was the sixth consecutive period of import growth but, again, the import drop of 1 per cent in March last year means the latest figures started from a low base.

China’s total trade surplus stood at US$13.8 billion in March, compared to US$103.25 billion in January and February.

In March, China’s imports from the United States rose by 75.1 per cent to US$17.29 billion, while exports rose by 53.3 per cent to US$38.66 billion. China’s trade surplus with the US stood at US$21.37 billion last month.