The trade picture for the second quarter (Q2) of 2020 (Figure 2) shows that the drop in mainland Chinese imports and exports is significantly lower than declines suffered by China’s major trading partners, with Taiwan, following its excellent handling of the virus, standing out with both positive imports and exports.
Chinese data for September 2020 show an increase in exports of 13.2 % to US$203 billion. Export items (by SITC classification) with the biggest increase included textile yarn (33.4 %), chemical materials and products (21.7 %), and medical and pharmaceutical goods (9.3 %). Exports of OLED (organic light-emitting diode) screens, tablet computers, textile products, battery electric passenger cars, and non-plug-in hybrid electric passenger cars saw particularly high growth rates.
Total imports in September 2020 increased by 9.9 % to US$240 billion. The top three Chinese imports (by SITC classification) were iron and steel (55.8 %), paper (34.8 %) and non-ferrous metals (33.1 %). Imports of several agricultural commodities such as meats and grains as well as unwrought aluminium and aluminium products grew by three digits. While the sharp increase in imports in agricultural commodities can be linked to China’s purchase commitments under its Phase One Deal with the US of early 2020, other commodities are most likely needed for infrastructure construction.
Be the first to write a comment.