After a 7.5 percent year-on-year tumble in March, China’s exports beat market expectations to grow by 1.5 percent in April when compared with the same month a year prior, the South China Morning Post reports.
Forecasters had projected a 0.1 percent decline for the month. Instead, April’s exports totalled US$292.5 billion, according to customs data released on Thursday, up from March’s US$279.7 billion.
The Post described the unexpected growth as a sign China “can weather geopolitical uncertainties to recover overseas orders and accomplish its annual economic growth target.”
[See more: Leading economist predicts a rocky road for China’s economy]
China saw its exports shrink in 2023, for the first time in seven years – due to slumping international demand. Shipments fell by 4.6 per cent for the year.
Last week, the Organisation for Economic Cooperation and Development (OECD) noted that sunnier times appeared to be on the horizon: “[Chinese] exports will pick up again as global demand recovers, and an increasing number of Chinese goods become competitive in international markets,” it said.
Last month, China’s General Administration of Customs vice-minister Wang Lingjun said he expected trade would “improve in the second quarter and remain on the upwards trajectory” in spite of persistent geopolitical tensions and rising protectionism by countries like the US.
