Since the coronavirus pandemic started, Chinese economy witnessed a vast number of losses during that period. But, now they are recovering better than other countries who are still going through a severe economic and health crisis period. Recent reports from China show the Asian country’s exports rose at a higher rate after the reopening of the economy. Custom departments reports of Chinese economy shows exports rose by 0.5% in June as compared to the previous year. Analysts predicted the situation would be drastic because according to them, the country would witness downfall by 1.5% in overall exports.
Imports on the other side also rope up by 2.7% as compared to last month’s downfall of 16.7%, which shows the drastic improvement in the export sector as well. Demandforce PPEs(Personal Protective Equipment) have grown, and China is becoming a major supplier of these goods. Overseas demand for medical products is still quite high, especially during the pandemic situation, which is benefitting a lot for the Chinese economy. Chinese economy might seem to be recovering at the front, but they are suffering from a considerable number of long term losses as the analysts say about this report. Globally coronavirus cases are increasing at a higher rate, and many countries are still going through their worst phases.
Countries like America, India have already started trade bandwidth CHina which is impacting negatively on their import-export sector. Asian market might be recovering at a higher rate than ever before, but the long term which they might suffer because of COVID-19 virus is still higher than anything else. The rise in China’s import is because of significant investment in real estate and other sectors. President Trump already said that he is not thinking of starting a new trade deal with China, and it might severely damage the import-export industry of the Asian country.
