China’s exports in May grew higher than expected, up 7.6%

Containers parked at Yangshan port in Shanghai, China, August 6, 2019.

Aly’s song | Reuters

BEIJING – China’s exports rose faster than expected in May, while imports missed forecasts, customs data showed on Friday.

According to a Reuters poll, exports rose 7.6% in May from a year earlier in U.S. dollar terms, exceeding expectations for 6% growth.

However, imports rose 1.8% during that time, below Reuters’ forecast of 4.2% growth.

In April, China’s exports increased increased by 1.5% over the same period last year, while imports increased by 8.4%. In the first five months of the year, exports in US dollars increased 2.7% from a year ago, while imports increased 2.9%.

According to CNBC calculations of official data, China’s imports and exports to the US and EU fell during that period. However, trade with the Association of Southeast Asian Nations has increased, with China’s exports to the region increasing 4.1% year-on-year between January and May, data show. shows. China’s exports to Russia fell during that period, while imports from Russia increased 7.5%.

Nomura Research: China is facing 'balance sheet recession'

China’s ship exports nearly doubled between January and May from a year ago, while auto and integrated circuit exports each rose 20%. Exports of rare earths, fertilizers and mobile phones all fell.

Reflecting domestic demand, China’s crude oil imports were little changed in the first five months of the year compared with the same period in 2023. The country is the world’s largest crude oil importer.

China’s exports rose despite trade tensions with the US and helped provide support general economic growth.

Caixin manufacturing purchasing managers index shows The number of new export orders increased for the fifth consecutive month in Mayalbeit at a slower pace.

Global trade restrictions are on the riseHowever, with about 3,000 applied last year compared with 1,000 in 2019, before the pandemic, the International Monetary Fund said last week.


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