https://www.hellenicshippingnews.com/chi...-recovery/
China’s economy shows resilience in face of global troubles, nation still leads recovery
In a complex global environment marked by profound disruptions to global trade and trade protectionism, many countries, including Western developed countries, have seen serious economic troubles, with Germany, known as the “European economic locomotive,” for example, has been dragged into a trade deficit for the first time in 30 years.
In comparison, China’s trade surplus in May was $78.76 billion, with a trade surplus near $300 billion in the first five months of this year. Analysts said the contrast not only reflects China’s economic resilience, but also shows the “complete failure” of the US’ attempt to disrupt the global trade system.
French Customs said that the trade deficit for French goods reached a new record in May, at 13.1 billion euros ($13.34 billion), due to the deterioration of the country’s energy balance.
Japan ran its biggest single-month trade deficit in more than eight years in May as high commodity prices and a declining yen swelled imports, clouding the country’s economic outlook, according to Reuters.
The growing trade deficit underscores the headwinds the world’s third-largest economy faces from a slide in the yen and surging costs of fuel and raw materials, on which domestic manufacturers rely for production, Reuters said.
Germany, Europe’s biggest economy, reported its first monthly trade deficit in three decades, as its shortfall in May was 1 billion euros, a gap not seen since 1991.
Experts cited mixed reasons behind the widening trade deficit in many economies, including the Ukraine crisis which added woes to an already battered global supply chain, as well as the economic trauma in many developed economies in recent years.
Many countries apart from China have taken a severe blow in their supply and industrial chains and have not entirely recovered from these blows, Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation,told the Global Times, adding that this caused many countries to encounter difficulties in producing or shipping their products abroad, which eats into their share of exports.
In particular, observers stressed that the Ukraine crisis has played a part in accelerating the trade deficit. For countries like Germany or other EU countries who depend a lot of Russian bulk commodities, the Ukraine crisis, which led to a decrease in energy trade between Moscow
and many European countries, the cost of bulk commodity imports has risen considerably.
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According to experts, the contrast between China and many US’ allies’ trade situation not only reflects China’s superiority in terms of economic resilience, but also shows the “complete failure” of the US’ strategy to reform global trade system, especially with a focus on cracking down upon China to support other regions.
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