China’s exports rebounded in the first two months of this year, surging a better-than-expected 61% from 12 months earlier, in a sign the economy is recovering from the impact of the coronavirus pandemic.

The nation’s overseas shipments were valued at US$468.9 billion in January and February, China’s customs said. The jump beat estimates for growth of 40%.

Exports fell 9.7% in the first two months of last year as COVID-19 outbreaks severely disrupted China’s manufacturing and global supply chains.

In January and February this year, China’s imports grew 22% year-on-year to US$365.6 billion, also higher than earlier estimates for a 16% growth. The nation recorded a trade surplus of US$103.3 billion, reversing a US$7.21 billion deficit in the first two months of last year, the data show. Total trade of US$834.5 grew 41% year-on-year.

A recovery in consumption and manufacturing in Europe and the United States had boosted demand for Chinese products, customs officials said. Many workers in China had also remained in their factories during the Lunar New Year holiday — typically a time when people return home to be with their families, and factories take a break.

Customs authorities said they were optimistic about the outlook for the rest of this year, with many mainland companies reporting a recent increase in orders from overseas.

The Global Times, a hawkish media outlet owned by the Communist Party, said it expected that China could post a 20% jump in exports for the full year on the back of stimulus policies and an economic recovery in the U.S.

Export growth would likely moderate for the rest of the year as developed countries resumed production from COVID-19, according to Macquarie Group China economist Larry Hu.

The 22% growth in imports showed that mainland Chinese companies had resumed purchases of electronic parts for manufacturing handsets, laptops and other portable devices, said Rajiv Biswas, Asia-Pacific chief economist at market research firm IHS.

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