China posted a record export growth of up to 154.9% in February 2021 compared to a year earlier. Meanwhile, in the same period, imports were recorded to only grow 17.3%, the highest since October 2018.

Meanwhile, exports from January to February recorded an increase of 60.6% on an annual basis or year on year (yoy). The milestone was well above the forecast in a Reuters poll for an increase of 38.9% on an annual basis.

This growth was driven by exports of electronic products and textiles, one of which was masks. This is in line with the high demand for electronic devices to support working from home and protective equipment from the corona virus.

China's customs data shows that exports of electronic goods surged by 54.1% on an annual basis while exports of textile products increased by 50.2%. Overall, China recorded a trade balance surplus of US $ 103.3 billion.

Strong export demand is one of the fruits of China's success in overcoming the Covid-19 pandemic crisis, so that the economy has revived.

"This surge was driven by a rebound in demand from abroad in line with the improvement in the manufacturing industry in the European Union and the United States, as well as an improvement in the level of domestic consumption," wrote the Panda Country customs statement.

In addition, the majority of manufacturing workers in China choose to keep working during the Chinese New Year so that production continues and can absorb surging demand from abroad.

“Our survey shows that many companies in export-oriented provinces such as Guangdong and Zhejiang are still producing. So that requests that are usually sent after the New Year holidays can be sent normally, ”wrote a statement from the Chinese customs.

However, they also admit that the low calculation basis makes the increase that has occurred this year to be large in percentage terms.

Factory activities in China usually take a day off during the Chinese New Year which falls in mid-February this year as workers return to their hometowns. But this year the Chinese government asked workers not to travel to prevent the transmission of Covid-19.

The Chinese economy grew 6.5% in the fourth quarter of 2020 compared to the same period the previous year. This growth was greater than the third quarter of that year and returned to the same range before the corona virus pandemic took place.

The economic recovery was supported by the spread of Covid-19 which was successfully controlled and the provision of fiscal and monetary stimuli to increase investment.

That way, China's economic growth throughout 2020 was recorded at 2.3%. Although that figure is the lowest since 1976, it is better than any other country in the world.