Beijing: The second-largest economy in the world is having difficulty maintaining its post-pandemic recovery, as evidenced by official numbers released on Friday, which revealed that Chinese exports fell more than anticipated last month.
The General Administration of Customs reported that shipments decreased 7.5% year over year while imports decreased by 1.9 percent.
According to a Bloomberg economist survey, imports would increase by 1% while exports would only decline by 1.9 %.
China’s exports decline in March more than anticipated
Zhiwei Zhang, chief economist of Pinpoint Asset Management, stated that the decline was “largely…caused by the fact that March this year has two working days fewer than March last year.”
In addition, he said that comparing Chinese commerce on a quarterly rather than a monthly basis “tells a reasonable story about external demand”.
China is surpassed by the US as Taiwan’s leading export destination. While indicators of weakness in global demand persist, the government is attempting to bolster the sluggish growth.
In addition, they are fighting a host of ingrained domestic problems, such as poor consumption and a housing sector beset by debt.
In a rare win for policymakers, consumer prices almost missed entering deflationary zone last month.
This year, Beijing has set an annual GDP growth target of about 5%, and in the coming days, quarterly growth data are anticipated.
America overthrows China
Meanwhile, Taipei’s Finance Ministry announced on Friday that the US had overtaken China, the longtime leader, as Taiwan’s biggest export market for four months running as a result of an increase in demand for semiconductor products and AI technology.
Read More Articles
Chao accidentally killed herself by bad design of her Tesla Model X
The time to submit a Verizon lawsuit claim is almost over. Apply for a $100 Million Settlement
FDA Recall Petition by Valisure for Products Including Benzene for Acne
independently run Taiwan is a global leader in microchip production, producing the most sophisticated silicon wafers needed to power fighter planes, e-vehicles, satellites, and increasingly, artificial intelligence (AI) technologies.
China, which asserts Taiwan as part of its territory, has been its main export destination for the past 20 years.
However, according to Finance Ministry data from December, the US is at the top of the list for the first time since August 2003.
Taiwan shipped $8.49 billion worth of goods to the US in December, while mainland China received $8.28 billion.
The pattern persisted until March, when mainland China got $7.99 billion in exports from the US, up 6% to $9.11 billion.
These numbers do not include Hong Kong, which is a customs territory in and of itself. China continues to be the largest market for Taiwanese goods when totals are compared with mainland figures.
The global “reorganisation of electronics and ICT (information and communication technology) supply chains, and the popularity of the AI industry,” according to a Finance Ministry official in the trade division, is what caused the current US shift.
Since taking office in 2016, Taiwanese President Tsai Ing-wen has worked to deepen economic ties with the US, viewing Washington as an essential ally as China, her neighbour, becomes more assertive.
