China’s exports increased in March for the first time in six months, customs data showed on Thursday, as the World’s second-largest economy continued its economic recovery following the end of coronavirus curbs late last year.
Total exports soared 14.8 percent year-on-year, the data showed a sharp rise from last March when strict virus lockdowns disabled normal economic activity.
The first jump since September upended the expectations of analysts, many of whom expected a further decline, according to Bloomberg News.
The positive surprise may be partly due to a low base effect — the Covid outbreaks in March last year forced many factories to shut down. The strong growth may also be a result of “inventory and order cycles for exporters.”
Zhiwei Zhang, of Pinpoint Asset Management said.
China suddenly end some of the World’s strictest Covid curbs in December, unleashing a wave of cases that prevented many businesses from operating normally.
The outbreak “likely weakened factories’ inventories,” Zhang said, but added that factories are now running at full capacity and have caught up the cumulated orders from the past.
Imports contracted 1.4 percent, the data from the General Administration of Customs showed.
