China's exports grew strongly in April - Foreign orders hit their highest level in two years
China's export growth accelerated in April as factories rushed to fill a wave of orders from foreign buyers looking to stockpile goods amid fears that the Iran war could further raise global costs. Exports expanded 14.1% from a year earlier in U.S. dollar terms, customs data showed on Saturday, beating a 2.5% gain in March and a 7.9% increase forecast by economists.
Chinese exporters have so far weathered the fallout from the Middle East conflict, buoyed by foreign buyers scrambling to secure supplies, but economists warn that the longer the war drags on and energy prices rise, the greater the risk that external demand will fall, leaving sluggish domestic consumption unable to fill the gap.
New export orders rose to their highest level in two years, separate factory activity data for April showed.
Imports had another strong month in April, rising 25.3% from 27.8% in March. Economists had forecast a 15.2% increase. That boosted China's trade surplus to $84.8 billion last month, up from $51.13 billion in March.
Momentum was strong in the first quarter, with China's GDP growth reaching 5% year-on-year, the top of the government's target for the full year, and reducing the need for immediate stimulus.
But even China, long criticized by trading partners for low-cost, subsidy-supported production, is not immune to the hit to purchasing power as fuel and transportation costs rise. Data last month showed that input prices remained high, especially for refined goods and oil, coal and chemicals. Unemployment rates also rose and retail sales - a gauge of consumption - continued to underperform industrial production.
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