Total regional goods exports picked-up sharply in January-February combined, rising 29.6 percent year-over-year, according to Oxford Economics. Growth was distorted by the timing of the coronavirus outbreak in China last year and higher export prices. But underlying momentum across the region continued to pick up.
Oxford Economics expects the improved external environment to support a strong recovery in regional goods exports this year, with the U.S. fiscal package to further boost shipments, particularly in second half 2021.
Regional goods exports in U.S. dollar terms rose 29.6 percent year-over-year in January–February combined (which smooths for the Lunar new year timing). This represents a sharp acceleration from the 9.6 percent year-over-year growth recorded in fourth quarter 2020. In particular, China’s goods exports surged 60.6 percent year-over-year, up from 16.7 percent in fourth quarter 2020.
While growth was distorted by the timing of the coronavi