China’s imports surged, climbed 8.4 percent in April 2024
China’s imports surged, and climbed 8.4%, compared with a year earlier, the China customs administration stated on Thursday, 9 April 2024. Exceeding expectations as experts had forecast that China’s imports would climb by 4.7 percent. China’s imports latest data showed, China’s imports surged driven by imports of more high-tech components for supplying semiconductors. however, imports of food and other consumer goods in down side. Look at this recent article from globaltimes
China's imports roared back to growth in April, according to China customs administration official data on Thursday, and the expansion in imports highlighted strong domestic demand.
In April, total imports and exports surged 4.4 percent year-on-year, reversing a 5.1 percent drop in March, according to the General Administration of Customs (GAC) on Thursday. Notably, while imports jumped by 8.4 percent year-on-year, reversing a 1.9 percent decline in March, the GAC data showed.
In terms of top trading partners, China's imports, and exports with the Association of Southeast Asian Nations, better known as ASEAN, its largest trading partner, jumped by 8.5 percent year-on-year from January to April. Imports and exports with the EU, the second-largest trading partner, dropped by 1.8 percent year-on-year, while that with the US, the third-largest trading partner, grew by 1.1 percent year-on-year.
the expansion in imports accentuated the strong recovery in China's domestic demand, which is key to the overall economic recovery, according to experts.
"In the previous two years, the growth rate of imports was relatively low, and the total import and export volume was mainly supported by exports, reflecting insufficient domestic demand, Hu Qimu, a deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Thursday.
"But vis-à-vis this year's data, the growth rate of imports is higher than that of exports, indicating that domestic demand is recovering and the overall internal circulation is becoming smoother," Hu noted.
In the first quarter of 2024, China's GDP expanded by 5.3 percent year-on-year, beating market expectations. Retail sales, a main gauge of consumption and the biggest economic growth driver, increased by 4.7 percent year-on-year.
The latest signal of strong policy support came from a meeting, held on April 30, of the Political Bureau of the 20th Communist Party of China Central Committee. In terms of trade, the meeting called for efforts to actively expand trade in intermediate goods, service trade, digital trade, and cross-border e-commerce exports, and support private enterprises in expanding overseas markets.
In spite of challenges both at home and abroad, China has set a GDP growth target of around 5 percent this year. With the growing positive signs, many experts are increasingly confident that China will be able to meet its 2024 GDP growth target, and the country will remain the main driver for global growth.... See more from globaltimes here
In sum up, China's imports growth, signaling demand recovery. Supplying Chinese manufactures, like semiconductors, more high-tech components are in demand. Chinese importers plays an important role in China’s imports surged, climbed 8.4 percent in April 2024. Besides, China's iron ore imports in the first four months of 2024 totaled 411.82 million tones, jump up 7.2% from the same period in 2023, exceeding expectations. The China’s imports trends will remain, as the government called for various measures to further consolidate, China's economic recovery will continue track to meet annual growth targets, to keep the recovery momentum going.
