China experienced a 43.1% increase in its imports in April compared to the same month last year, attributed to the absence of a comparative base, as the Chinese economy was severely impacted by the COVID-19 pandemic last year, according to official figures. This marks the fastest growth rate in imports for the Asian giant since 2011. A year ago, imports had dropped by 4%. Economists surveyed by Bloomberg had predicted an increase of just over 44%.
In March, China’s imports rose by 38.1% year-on-year, due to significant purchases of electronic chips and the absence of a weak comparative base from the previous year. Meanwhile, exports of Chinese products abroad saw a sharp increase of 32.3% year-on-year last month, significantly outpacing analysts' expectations of 24.1%. In the same period last year, China’s exports had contracted by 17.2% due to lockdown measures in the country due to the spread of the coronavirus. However, gradual improvements in health conditions since spring 2020, aided by widespread mask usage and extensive testing, allowed China to return to pre-pandemic activity levels by the end of last year.
China's trade surplus reached $42.85 billion (€35.5 billion) in April, up from $13.8 billion (€11.6 billion) a month earlier. The Association of Southeast Asian Nations (ASEAN) has become China's largest trading partner, surpassing the European Union and the United States.
