The export engine at the heart of the Chinese economy has roared back to life, defying expectations and bolstering hopes that Beijing will achieve its growth target this year, reports the Financial Times. Despite weak global growth, exports from the world’s second-biggest economy surged nearly 15% in March, fuelled by sales of electric vehicles and their components as well as a swell in trade with Russia.
The expansion, which surprised economists, came as Beijing hopes to achieve a gross domestic product growth target of 5% this year. The target is its lowest for more than three decades, after its economy expanded just 3% last year under leader Xi Jinping’s zero-Covid controls.
Customs data released on Thursday showed dollar-denominated exports expanded 14.8% compared with the same period a year earlier, after falling 6.8% in January and February. Analysts polled by Reuters had forecast a contraction of 7%.
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