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Hindsight

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Chinese imports soar during pandemic

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Philip Aldrick, Economics Editor
Wednesday December 02 2020, 5.00pm, The Times
Economy
Chinese companies sold goods worth Ā£11 billion to the UK, with a big spike in textiles, such as medical masks for the NHS

Chinese companies sold goods worth Ā£11 billion to the UK, with a big spike in textiles, such as medical masks for the NHS
COSTFOTO/BARCROFT MEDIA/GETTY IMAGES
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https://www.thetimes.co.uk/edition/business/chinese-imports-soar-during-pandemic-gtwd9rmt2
Britain imported more goods from China than any other country at the height of the epidemic for the first time on record.

One pound in every Ā£7 of goods bought by the UK came from China in the second quarter. Chinese companies sold goods worth Ā£11 billion to the UK, with a big spike in textiles, such as medical masks for the NHS, and electrical machinery, such as home computers for remote working.

The figures hint at the reasons for Chinaā€™s remarkable rebound from the pandemic. Forecasts on Tuesday from the Organisation for Economic Co-operation and Development showed the worldā€™s second largest economy expanding this year by 1.8 per cent, compared with a 4.2 per cent decline globally and an 11.2 per cent fall in the UK.


China is usually the UKā€™s second largest import partner, selling about Ā£45 billion of goods to Britain a year ā€” about Ā£20 billion less than Germany. However, its share overtook that of Germany in the second quarter to account for 13.4 per cent of British imports as purchases from China increased and those from elsewhere declined.
Exports of textile fabrics to the UK jumped by Ā£900 million to Ā£1.16 billion while exports of electrical machinery leapt by Ā£750 million to Ā£3.87 billion.

The Office for National Statistics (ONS) said: ā€œThis was the first quarter that China accounted for the largest proportion of UK imports of goods.ā€ A quarter of all UK electrical machinery imports in the first half of the year came from China, the ONS added. ā€œThis was mainly telecommunication and office machinery, which includes consumer electronic devices such as smartphones, tablets and laptops.ā€
The ONS figures also show that the UKā€™s largest trade surplus was with the United States in the first half of the year, at Ā£23 billion, which was driven by Ā£19.5 billion of net services exports to America. President Trumpā€™s White House disapproved of countries operating a trade surplus.
UK exports of legal, accounting, management consulting and public relations services to the US increased by 5.3 per cent between the first and second quarters as trade in such UK services proved to be ā€œresilientā€ during the crisis, the ONS said.
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Pasty

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Devon
Funny isn't it? Every disaster that happens, the rich get richer and the poor get poorer. Most will never get this until they are on the street.
 

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