Chinese exports of products reached an all-time high in September 2021, growing 28.1%, to $ 305.74 billion, reported the General Administration of Customs.
Conversely, imports to China grew 17.6% year-on-year in September, to $ 238.98 billion.
With this, China registered a total trade of 544,720 million dollars and a surplus of 66,760 million.
How to interpret these data? Globally, they reflect a rebound in demand. And at the national level, they show China’s export strength, despite an environment of energy shortages, effects on supply chains and a rise in Covid-19 cases.
In hindsight, according to the International Monetary Fund (IMF), the sharp contraction in demand in 2020 led many companies to cut back orders for intermediate inputs.
As the recovery accelerated in 2021, some growers found themselves “flat-footed” and unable to increase supply again quickly enough; for example, microchip production relative to demand remains hampered.
In addition, the global distribution of shipping containers was severely distorted during the pandemic, leaving many stranded off their normal routes.
Temporary disruptions (such as the closure of the Suez Canal, restrictions on China’s Pearl River Delta ports after the Covid-19 outbreaks, and congestion at the ports of Los Angeles and Long Beach) exacerbated delays in the delivery times.
Analysis of the Baltic Dry Index, an index of expenses related to international shipping, suggests that most of its increase in recent months has been due to supply factors.
As for Chinese exports in accumulated form from January to September, they totaled 2.4 billion dollars, an increase of 33% year-on-year.
Conversely, its imports were for 1 trillion 973,290 million dollars, an annual advance of 32.6%.
Consequently, the total trade of China was 4 trillion 374,110 million dollars, with a favorable balance in its trade balance of products of 27,540 million dollars.