“The better-than-expected figure reflects the global trade recovery led by the electronics sector, but also the impact of the lower benchmark as export growth in January-February 2023 was -6.8 percent,” he told the agency. Reuters Suu Kyi, chief economist at the Economist Intelligence Unit.
“The main driver of this export recovery is the revival of the global technology product cycle, especially electronics. “We already saw this in the second half of last year, when the cycle recovered from the bottom,” said Tao Wang, UBS chief economist for China, as quoted by the server. Financial times (FT).
China's largest trading partner in January and February was the Association of Southeast Asian Nations, where trade increased by 4.8 percent. China's second largest trading partner is the European Union, but trade with the European Union fell by 4.1 percent compared to last year. In the case of America, the figure increased slightly by 0.7 percent.
Several sectors of China's economy are quietly growing rapidly
Economy
In contrast, foreign trade increased significantly compared to the same period last year with Brazil (+15.8%) and India (+33.3%).
However, the European Union is concerned that China's trade with Russia will also increase significantly. Their bilateral trade increased by 9.3 percent year-on-year to a total of $37 billion (more than CZK 860 billion). Chinese exports to Russia alone increased by 12.5 percent, according to data from the customs office.
Russia became China's fifth-largest trading partner last year, with total trade of $240 billion (roughly CZK 5.6 trillion) during the year. At the same time, in 2020, Russia ranked ninth in terms of China's largest trading partners, the FT reported.
Russian gas in Chinese households, Chinese cars in Russia
Chinese Foreign Minister Wang Yi praised increased trade cooperation with Russia, which is viewed negatively in the EU, which views China as a tacit supporter of Russia's invasion of Ukraine.
“China and Russia have created a new paradigm in relations between major countries. Mutual political trust between the two parties deepened. “Russian natural gas enters Chinese homes while Chinese cars drive on Russian roads,” Wang said at a press conference at the National People's Congress on Thursday.
European leaders have repeatedly warned Beijing that Russian support undermines China's popularity in the EU. However, Wang said that China's partnership with Russia is in its own interests and is not directed against any “third party.”
Russia cannot afford to lose the war. But not even to win, economists warn
Economy
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