Thu January, 2021, Age: 3 years
Chinese exports and imports grew more than expected in the month of December according to Chinese customs data, capping a stronger than anticipated economic recovery for the Chinese economy in 2020. Exports increased by 18.1% in December compared to the prior year, beating expectations of a 15% rise. The robust increase in exports occurred despite a strengthening Yuan which makes Chinese made goods more expensive. Imports increased 6.5% year-on-year last month fueled by a strong domestic economic recovery that spurred demand in foreign made goods. Iris Pang, ING’s chief economist for China, remarked on the December export/import data: “China’s exports grew in 2020, taking market share from other export-oriented economies. Although other export economies are likely to see a stronger 2021, the global recovery should still support China’s export growth.”