News

China exports up 16.3 as trade with Russia surged

March 7, 2022 02:26 PM


Twitter Share Facebook Share WhatsApp Share

Chinese exports in January and February rose a combined 16.3 percent on surging global demand and a spike in trade with Russia in the run-up to the war in Ukraine, according to customs data released on Monday.

The growth rate exceeded economists' expectations of a 15.7 percent gain from a year earlier.

Shipments from the world's second-largest economy were valued at $544.7 billion in the first two months, the data from the General Administration of Customs showed.

Exports to Russia rose 41 percent compared to the same period in the previous year.

Trade data for January and February is usually combined to even out the impact of the extended Chinese new year holiday, which usually begins in one of those two months.

Imports rose 15.5 percent to $428.75 billion in the first two months of the year, leaving a Chinese trade surplus of $115.95 billion.

Exports remain a bright spot for a Chinese economy that has slowed sharply in recent months due to virus outbreaks, a property market slump and regulatory crackdowns on key sectors.

China's leaders Saturday set a target of 5.5 percent GDP growth this year -- the lowest annual goal since 1991 -- with Premier Li Keqiang warning of a "grave and uncertain" outlook as the war in Ukraine threatens to damage global supply chains.

China's coal imports in the first two months doubled from a year earlier as Beijing scrambled to replenish supplies after a shortage late last year caused power cuts that paralysed large swathes of the economy.

Exports to Russia grew at the fastest rate among China's major trading partners in January and February, outpacing trade with the European Union and the United States.

Russia was also the second biggest source of imports for China, which buys energy products from its neighbour.

Trade with China has served as a lifeline for Russia, which had already faced Western sanctions over its 2014 seizure of the Crimea region from Ukraine.

Moscow's international isolation has deepened following its invasion of Ukraine that began late last month.

China has been Russia's largest trading partner for more than a decade, according to commerce ministry data.

Beijing approved Russian wheat imports just hours before the outbreak of hostilities in Ukraine.

But analysts believe China will avoid dramatically increasing trade support to Russia to avoid running afoul of the global sanctions arrayed against Moscow.



Most Read

  1. 20 passengers perish in Chilas bus plunge 20 passengers perish in Chilas bus plunge
  2. Pakistan's historic moon mission aboard China rocket blasts off Pakistan's historic moon mission aboard China rocket blasts off
  3. Parineeti Chopra's husband Raghav Chadha undergoes ‘dangerous’ eye surgery in UK Parineeti Chopra's husband Raghav Chadha undergoes ‘dangerous’ eye surgery in UK
  4. Pakistani-origin woman laid off by Elon Musk gives emotional reaction Pakistani-origin woman laid off by Elon Musk gives emotional reaction
  5. The Great Indian Kapil Show: Astonishing per-episode fees of cast revealed! The Great Indian Kapil Show: Astonishing per-episode fees of cast revealed!
  6. Indian actress Amrita Pandey found dead hours after posting cryptic message Indian actress Amrita Pandey found dead hours after posting cryptic message

Opinion

  1. PM Shehbaz Sharif, WEF and Pakistan
    PM Shehbaz Sharif, WEF and Pakistan

    By Naveed Aman Khan

  2. Employing global best practices in Pakistan-Saudi ties
    Employing global best practices in Pakistan-Saudi ties

    By Nasim Zehra

  3. PML-N smashed PTI in by-polls
    PML-N smashed PTI in by-polls

    By News Desk

  4. Riding the Digital Wave: How Technology is Rewriting the Script of Economic Prosperity
    Riding the Digital Wave: How Technology is Rewriting the Script of Economic Prosperity

    By News Desk

  5. Tax on solar energy: Govt's misplaced priorities favour powerful stakeholders over people welfare  
    Tax on solar energy: Govt's misplaced priorities favour powerful stakeholders over people welfare  

    By Manzoor Qadir

  6. Legacy of Indian military subjugation in Kashmir
    Legacy of Indian military subjugation in Kashmir

    By Dr Ghulam Nabi Fai