China's foreign trade is growing unexpectedly

China's foreign trade increased unexpectedly strongly with the recovery from the corona pandemic. In April, exports in US dollars rose by 32.3 percent compared to the same period in the previous year, as reported by the customs authorities in Beijing. Experts had expected a slight slowdown in export growth, but this did not materialize. Imports also rose sharply with a plus of 43.1 percent. Foreign trade as a whole grew by 37 percent in April. The strong growth data is partly explained by the low comparative base in the same period last year, when the Chinese economy collapsed due to the coronavirus outbreak. Experts now also see higher raw material prices, a recovery in domestic demand and a stronger Chinese currency behind the rise in imports. China's trade surplus reached $ 42.86 billion in April (March: 13.8 billion). German exporters also benefit from the strong growth of the second largest economy. Chinese imports from Germany increased by 37.6 percent in April, according to customs reports. China's exports to Germany, on the other hand, only climbed 25.9 percent compared to the same period of the previous year. Chinese exports to the European Union also rose by only 23.8 percent, while imports from the EU rose by as much as 43.3 percent. There is also good news from the boardrooms of Chinese service companies, where the mood continues to improve. The purchasing managers' index (PMI) of the business magazine "Caixin" rose to 56.3 points in April and thus reached its highest level in five months. In order to meet the strong demand, more employees were also hired. The official index of the statistical office, which includes more state-owned companies, had found a smaller expansion of the service sector last week. The "Caixin" PMI, on the other hand, observes private and medium-sized companies more closely.