China’s exports increase by more than 20 percent

While a large part of the global economy continues to struggle with the consequences of the virus, China’s exports are growing faster than they have been in two years.

Workers in China's Shandong Province pack frozen beef steak for export.

Dhe Chinese exports rose more sharply in November than they have done in more than two years. Exports rose by 21.1 percent compared to the same month last year, as the Chinese customs announced on Monday. However, imports fell short of expectations with an increase of 4.5 percent compared to the same month last year. In October imports were still up 4.7 percent.

Analysts expect that China will be one of the few large economies to record economic growth in 2020 despite the Corona crisis. The Chinese gross domestic product (GDP) last rose in the third quarter by 4.9 percent compared to the previous year.

The Chinese economy is currently experiencing a special boom, explained chief economist Thomas Gitzel from the Liechtenstein VP Bank: “All of the goods that are in particularly high demand from us in Corona times come mainly from China.”In addition to masks and hygiene articles, they also included computers for the home office and routers for a better Internet connection. Many Chinese products are also sold in the construction market: “All of this means that there is currently a lack of free container capacity on the world’s oceans.”

The coronavirus first appeared in China in December 2019 and then spread worldwide. The People’s Republic imposed strict measures to curb the spread. In the first quarter, GDP in China slumped 6.8 percent year-on-year. With the easing of the measures, the economy grew again by 3.2 percent in the second quarter – while elsewhere the economy collapsed sharply.