Exports in China’s on the rise

According to customs data released on Thursday, China’s exports surged by 14.8 percent year on year in March, marking the first rise in six months. The figure also represents a significant increase from March last year, when the country’s economy was crippled by lockdowns. Meanwhile, imports declined by a smaller-than-expected 1.4 percent.

The figures surpassed the expectations of economists, many of whom had anticipated further decreases in exports. A Reuters poll of analysts had forecasted a 7 percent drop in exports, following a 6.8 percent fall in the January-February period.

China ended some of the world’s strictest COVID curbs in December, which led to a surge of cases that prevented many businesses from operating as usual. Chinese Premier Li Qiang, who took office last month, recently urged officials to use “every method” to expand trade with developed economies and encourage companies to explore emerging markets in Southeast Asia.

After growing by only 3 percent in 2022, which was one of the lowest rates in decades, China has set a GDP growth target of around 5 percent for this year. This marks a significant shift in tone from last year when the country did not announce a target due to the pandemic’s economic uncertainty.