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China's export machine comes roaring back to life: FT

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Reference:CGTN | Updated:23 Sept 2020

China's export machine was under pressure from all directions last year, but roared back to life amid the COVID-19 pandemic.

As the coronavirus pandemic hit the world this year, China's dominance of global exports has become more significant than other years. The country's exports rose by 9.5 percent year on year in August, marking the strongest gain since March 2019

As a manufacturing hub, China has advantages in producing personal protective equipment and other products widely desired in the fight against the pandemic. 

For example, exports of the country's electronics products and medical equipment increased during the period. Chinese exports of medical equipment leapt in the first seven months of the year. China's trade surplus with the U.S. in August reached 34.2 billion U.S. dollars, its highest level since November 2018.

The boom in exports is also supported by the country's early recovery as other big economies flounder. The country's economy rose 3.2 percent during the second quarter of the year, becoming the first country rising from the ravage.

Data from Oxford Economics and Haver Analytics show that while overall volumes have fallen, China's share of global exports compared with other large exporters leapt to more than 18 percent in April, before falling back slightly to 15.9 percent in July, FT reported.

"It is too early to write off China's role in global supply chains," said Louis Kuijs from Oxford Economics, who pointed to the "fundamental competitiveness" of Asian economies. He added that the market share effect was in part temporary but suggested that "there will be some permanent shift... and that should benefit certain countries."

Exports of China's Taiwan, the majority of which are electronics components and IT and communications products, reached their highest ever monthly level in August. In South Korea, exports of information and communications technology products rose year on year in each of the past three months after a sharp fall in April, FT reported.

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