China

China is one of the first countries that went into lockdown and stopped movements to other countries due to the Covid-19 pandemic. But one year after the outbreak of the virus followed by severe lockdowns across the globe, China is recovering at a fast pace. The country has seen a record of 18.3% growth in GDP, rebounding from the 6.8% contraction, thanks to its soaring exports. 

Even though it is not 100% sure that coronavirus came out of the vet market or the lab in Wuhan, the world is still battling its effects. China, the country that suffered a lot initially is now performing well, even like never before. A robust domestic recovery also spurred the Chinese appetite for foreign products, with import growth quickening. But it is the export that is contributing big to the growing GDP. Electronic and textile exports such as masks contributed to the spike in outbound shipments, as demand for work-from-home supplies and protective gear against the virus outbreak soared during the pandemic. This article takes through the statistical points on China’s exports and the countries that are getting the most out of Chinese products. 

A statistical view

China’s GDP grew 18.9% between January-March, the first quarter of 2021. The growth is the highest since China began to publish quarterly data in 1992. Chinese exports surged 49% during the first quarter to US$710 billion, while imports rose 28% to US$593.6 billion. The investment and production in Chinese industries are also seeing a spike in 2021. March was a big month for China. The economy posted slower growth of 0.6% in January and February. But the sudden spike happened in March. 

Even though 2020 was a rough year for China, the nation still managed to gain its export by 3.6% to US$26.59 trillion for the whole year. Imports were up 6.5% to US$203.75 billion in December and the full-year figure edged down 1.1% to US$2.06 trillion. China became the only economy to achieve positive commodity trade growth in 2020. Other front-running nations like the US, UK, India, etc faced a recession like never before. The onshore Yuan strengthened 6.7% in 2020, its first annual rise in three years. China’s trade even surpassed its competitor, the United States with which it has waged a bitter trade war.

Usually, China’s exports and imports slow down during the ‘off-season.’ But this year, trade was also high during the off-season period due to recovery in production and consumption in major economies such as Europe and the United States amid the pandemic, as well as improvement in domestic consumption. Besides, the Chinese government has appealed to workers to not travel to their hometowns during the Lunar New year period due to avoid the Covid-19 spread. It also supported production and exports. 

Who is getting the maximum out of China’s exported goods?

The Association of Southeast Asian Nations (ASEAN) was China’s largest trading partner during 2020 and 2021, trailed by the EU and the US. Experts predict that Chinese export to the US will go up by 20% in 2021. Electromechanical products and labor-intense products, from cellphones and cars to textiles and plastics will dominate the export market. Besides, China’s export to North Korea has also jumped 400 times as the country has opened its borders following a long lockdown.