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China’s share of global exports has increased during the pandemic to close to 15%, although its dominance may soon peak as domestic demand grows and the cost of labour rises, UN agency UNCTAD said on Tuesday.
Reuters reports:
In 2020, China had the largest share of global exports in goods with 14.7% of the total compared with 13.2% in 2019, according to data from the U.N. Conference on Trade and Development. The United States came second with 8.1% and Germany third with 7.8%.
Early data from this year suggests a continuation of the trend with Chinese exports surging almost 50% year-on-year to $710 billion in the first quarter, the UNCTAD data showed.
US consumer confidence jumped to a 14-month high in April as increased vaccination against Covid-19 and additional fiscal stimulus allowed for more services businesses to reopen, boosting demand and hiring by companies.
The Conference Board said on Tuesday its consumer confidence index raced to a reading of 121.7 this month.
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