China’s exports beat expectations in May, tariffs data show, as the global recovery buoyed the country’s Covid-hit economy.
Exports rose 16.9 percent in May from the same period last year, beating the 8 percent forecast by economists polled by Reuters. Imports also grew faster than expected, rising by 4 percent.
The total value of exports for May was $308.3 billion and imports were $229.5 billion. That left China with a trade surplus of $78.8 billion for the month, up 82 percent from the same period last year, the figures show.
China also imported less crude oil and coal in the January-May period than a year earlier. Fuel imports fell by 1.7 percent to 217 million tons or by 13.6 percent to 95.9 million tons. However, the price per ton of the respective fuel increased significantly.
Reuters calculations based on the figures showed China’s coal imports fell in May compared to April as the country’s strict Covid-19 lockdowns hit demand.
While the rise in exports in May reflected a tentative easing of some of the widespread lockdowns that hit the economy the previous month, activity indicators in both manufacturing and services were still showing declines compared to April.
Iris Pang, chief economist for Greater China at Dutch bank ING, said the rebound in exports was largely due to a resumption of port facilities in Shanghai this month.
“We see the May figure as a continuation of March’s 14.7% yoy export growth. If China’s future lockdowns follow Beijing’s model, they should be more flexible, of shorter duration and put less pressure on the economy,” she added.
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