China exports surge in 2021 as global demand picks up By Beiyi SEOW Beijing (AFP) Jan 14, 2022 Chinese exports surged in 2021 on solid global demand as countries reopened from pandemic lockdowns, data showed Friday, bumping its overall trade surplus to a new high and providing a much-needed boost to the stuttering economy, but officials warned of headwinds. The world's second-biggest economy saw a quick rebound from the coronavirus in the past two years -- after cases first surfaced in a central city in late 2019 -- allowing factories to operate and feed global appetite for electronics and medical supplies. That led to a 29.9 percent spike in exports last year, helping push the annual trade surplus to $676 billion, with customs spokesman Li Kuiwen saying the surge was fanned by an uptick in shipments of mechanical and electronic products. Imports increased 30.1 percent. But while China "handed in a dazzling report card" in the face of challenges, Li told reporters Friday that the economy "faces triple pressures of demand contraction, supply shock and weakening expectations". For December, exports rose largely in line with expectations -- at 20.9 percent -- though imports disappointed with 19.5 percent growth. Julian Evans-Pritchard of Capital Economics said in a note that higher prices helped boost exports. Another factor helping overseas shipments was "relaxing social distancing measures in the US and the west in general", ING economist Iris Pang told AFP. December's export figures could also "reflect the Omicron damage to the global supply chain", with export orders shifting to China from other countries, said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "Currently, the strong exports may be the only driver helping China's economy," he added. China's manufacturing sector has been hit by spot shutdowns around the country as Beijing pursues a strict zero-Covid strategy of lockdowns, mass testing and border closures to fight the spread of Omicron. The latest outbreaks and government measures threaten to deal a further blow to the economy after being battered in the past six months. Gross domestic product growth for 2021 is expected to come in at eight percent when data is released Monday, though analysts warned of a tough year ahead as a slowdown in the property sector weighs. Covid clusters have sprung up in several key port cities including the southern hub of Shenzhen, Tianjin near Beijing and the northern hub of Dalian. With new export orders remaining weak and foreign demand growth slowing from its peak last year, Louis Kuijs of Oxford Economics said export momentum is expected to ease in 2022. "There is limited scope for a rise in exports volumes this year given that ports are already stretched to capacity," Evans-Pritchard said. Foreign demand is likely to drop as pandemic-related factors ease and backlogs are cleared. And "constraints on developer financing mean that slowing property construction is likely to continue to weigh on China's commodity imports for some time," he added.
Myanmar teak exports to US bypassing coup sanctions: activists Yangon (AFP) Jan 11, 2022 Nearly 1,600 tonnes of teak from Myanmar were exported to American companies last year, circumventing US sanctions imposed to deny the junta millions of dollars in profits, an activist group said Tuesday. The Southeast Asian nation has been in turmoil since a February 1 coup triggered widespread unrest that the military has sought to quell with violence - killing around 1,400 people, according to a local monitoring group. The United States responded by imposing sanctions on Myanmar's military a ... read more
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |