From electronics to auto parts, the world has become more reliant on Chinese goods since the pandemic started in 2020, Bernstein analysts said.
said its factories on the outskirts of Shanghai and in the northern province of Jilin remained closed through at least Thursday.
Bernstein's analysis found that China manufactures the majority of overseas demand for containers, ships, rare earths and solar modules — along with the bulk of mobile phones and PCs. Chinese factories no longer only complete the final assembly for those electronic products but also manufacture components like LCD panels and integrated circuits, the report said, pointing to faster growth in 2021 in exports of those parts.
China's first quarter trade data showed steady growth in exports. The country's producer price index and consumer price index rose faster-than-expected in March, according to data out Monday.Since the pandemic began, China has become a significant manufacturer in the auto industry, especially in the electric vehicle supply chain, the Bernstein report said.
The analysts noted how automobile and component exports grew an average 119% in 2021 from the previous year, exceeding the 30% growth in China's exports overall. The country accounts for roughly 74% of global battery cell production, the report said.
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