BEIJING: China’s overseas shipments grew at a faster pace than expected last month, official data showed Saturday, despite pressure on the global economy caused by war in the Middle East.
Exports from the manufacturing powerhouse were up 14.1 percent in April compared to the same month last year, the General Administration of Customs (GAC) said.
The growth outpaced a Bloomberg forecast of 8.4 percent based on a survey of economists, and significantly picking up pace from the 2.5 percent increase in March.
Booming trade has represented a vital lifeline for Beijing in recent years as the domestic economy lags, with sluggish spending and a stubborn debt crisis in the property sector weighing on activity.
Observers are awaiting a high-stakes meeting in Beijing next week between Chinese President Xi Jinping and US counterpart Donald Trump.
The talks previously set for late March were delayed by the US-Israeli war with Iran, which has sent global energy prices soaring as shipping through the vital Strait of Hormuz has effectively come to a halt.
For Trump, China’s massive surplus in bilateral trade between the countries has long been a major sticking point.
Ahead of the key summit, China’s exports to the United States grew 11.3 percent year-on-year in April, official data showed Saturday, returning to growth after dropping sharply by 26.5 percent in March. Economists argue that China should shift towards a growth model powered more by household consumption than traditional drivers including real estate and infrastructure investment.
In a positive sign for domestic spending, imports into the world’s second-largest economy grew 25.3 percent year-on-year last month.
That figure beat a Bloomberg forecast of 20.0 percent but was slightly lower than the 27.8-percent surge in March.
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