China defies Hormuz crisis with record monthly export value in April

AI Summary

Amidst rising tensions in the Strait of Hormuz, China reported a record month for exports in April despite the challenges faced. The growth reflects resilience, with significant increases in shipping and energy costs due to the geopolitical climate.

China’s export sector showed strong resilience last month, with the total value of outbound shipments hitting a monthly record even as the Strait of Hormuz crisis showed little sign of abating after driving up energy and shipping costs. The value of China’s exports rose in April by 14.1 per cent, year on year, to US$359.44 billion, according to data released by the General Administration of Customs on Saturday. The reading was above the 6.96 per cent growth forecast compiled by financial data...