Export figures suggest China recovery
A recent press release from the China-Britain Business Council (CBBC) highlighted that a number of international analysts had reported a 21 per cent year-on-year growth in all Chinese exports for November. During the month, the country is said to have logged its highest trade surplus on record, at over $75 billion (£56.7 billion). In contrast, imports into China increased by only 4.5 per cent, which was slightly lower than October’s figure.
In September, Chinese exports to the UK reached £5.9 billion ($8 billion) – a 42 per cent increase compared with the same month in 2019 – and China is also reported to have imported more consumer goods from several countries. According to customs data for the first ten months of 2020, non-oil/non-gold imports from South Korea grew by 1.3 per cent, and the importation of goods of this type from the UK improved by 2.7 per cent. Japan saw a 3.0 per cent growth, imports from the USA rose by 3.4 per cent, and the number of Australian goods brought into China increased by 5.4 per cent. Other trading nations, including Canada, France, Germany, Italy and New Zealand are said to have experienced a fall in exports to China.
This article was originally published on page 4 of the January 2021 issue of SATRA Bulletin.