imports of energy. but from china s perspective, russia is an important trading partner, but nowhere near as large a trading partner as the likes of america and europe.- america and europe. duncan, aood to america and europe. duncan, good to talk america and europe. duncan, good to talk to america and europe. duncan, good to talk to you, - america and europe. duncan, good to talk to you, thank- america and europe. duncan, | good to talk to you, thank you for your perspective on the trade figures from china. it s not just europe it s notjust europe and the us dealing with a sharp rise of the cost of living. data out of china shows retail inflation now rose 7% in march compared to the year before, the 17 month high driven by the cost of food, fuel and electricity prices. the maritime and coastguard agency says it s detained another p&o ferry, the spirit of britain, at dover, for safety reasons. ministers ordered inspections of all p&o vessels after the company sacked 800 staff without
without stifling growth. america s central bank has orally began to raise interest rates and is expected to move aggressively well into next year. of course, the us isn t the only country grappling with this issue right now. inflation is raising the cost of living around the world. it is raising the cost of living around the world. it certainly is. now around the world. it certainly is- now to around the world. it certainly is. now to china. around the world. it certainly is. now to china. it around the world. it certainly is. now to china. it has - is. now to china. it has reported its latest trade data. despite covid lockdowns and an ongoing trade war with the us, the world s second biggest economy still saw exports, in yuan terms, rise by 13.4% in the first three months of the year. trade with russia also rose by almost 30% during the same period that s likely to be unwelcome news to western nations, who have sought to cut moscow off from the global financial system after the
and therefore demand for imports in china.- imports in china. so is it aaain imports in china. so is it again we imports in china. so is it again we have imports in china. so is it again we have to - imports in china. so is it again we have to watch | imports in china. so is it. again we have to watch the months ahead because the lockdown in shanghai is only quite recent, so it wouldn t necessarily be impacting this data as much as a word in the next quarter? next quarter? you are right, although next quarter? you are right, although there next quarter? you are right, although there were - next quarter? you are right, i although there were lockdowns in places like shenzhen earlier, and injullien province in north east china, so after chinese new year in march, we already saw some of the covert outbreaks pulse mac impacts in china first up there s one offsetting factor, which is that china has started growth support, a mini stimulus plan, let s call it, focusing on construction
duncan, if we start with the overall picture, china exports increasing, double digits, imports also, not by so much. give us your thoughts on how china is doing. china is doing. well, china s exorts china is doing. well, china s exp°ft5 are china is doing. well, china s exports are holding - china is doing. well, china s exports are holding up - exports are holding up somewhat, although the growth rate has slowed down. what we are seeing for exports is that consumption patterns in china s key export markets, like the us, like europe, are starting to revert to pre covert patterns. so consumers are spending more on going to cafes and pubs, rather than buying masks and laptops to work at home. and on the import side, china has been hit by its worst set of covert outbreaks. places like shanghai most obviously but actually in many places across the country, and this is likely to dent consumer demand and therefore demand for imports in china. 50
this is bbc news with the latest business headlines for viewers in the uk and around the world. the cost of living continues to rise, as energy and food prices soar in the uk. we ll find out byjust how much when we get the latest inflation data in the coming hours. in the us, soaring petrol prices sends inflation to ao year high, as the war in ukraine sends shock waves across the global economy. covid lockdowns and a trade war with the us seemingly can t stop china s trade growth. the asian powerhouse saw a double digit increase in exports, and a huge rise in trade wirth russia. and a warning that the uk s travel problems could continue into summer, because the country s border force is reported to be catastrophically under staffed .