The year-on-year growth rates of China's total import and export value in April 2024 both turned negative to positive, exceeding market expectations. This shows that overseas demand has improved, which will boost the Chinese economy.

Data released by the General Administration of Customs of China on Thursday (May 9) showed that imports in US dollar terms in April increased by 8.4% year-on-year to US$220.1 billion (S$298.2 billion), and exports increased by 1.5% year-on-year to US$292.45 billion. The value increased by 4.4% year-on-year.

According to Bloomberg, this data confirms signs that global demand is strengthening and will boost China's domestic economic growth. At a time when China's property market is in a slump and has residents tightening their wallets, Beijing is relying on strong exports to offset weak domestic consumer spending.