China’s exports exceeded expectations in May, according to customs data, as the global recovery offered a boost to Covid’s economy.
Exports rose 16.9 percent in May from a year earlier, beating an 8 percent forecast by Reuters economists. Imports also increased by more than expected, increasing by 4 percent.
The total value of exports in May was 308.3 billion dollars, and imports were 229.5 billion dollars. That left China with a trade surplus of $ 78.8 billion for the month, up 82 percent from the same period a year ago, figures show.
China also imported less crude oil and coal in January-May than last year. Fuel imports decreased by 1.7% to 217 million tonnes and 13.6% to 95.9 million tonnes, respectively. However, the price per tonne of each fuel has risen significantly.
Reuters’ figures, based on figures, show that China’s coal imports fell in May compared to April as tough blockades against Covid-19 in the country suppressed demand.
While the increase in exports in May reflects the fluctuating easing of some of the widespread blockages that hit the economy the previous month, activity indicators in both the manufacturing and services sectors are still showing contractions compared to April.
Iris Pang, chief economist for Greater China at ING, a Dutch bank, said the resumption of exports was largely the result of the resumption of port facilities in Shanghai this month.
“We see the figures for May as a continuation of the growth of exports of 14.7% on an annual basis in March. “If future blockades in China follow Beijing’s model, they must be more flexible, shorter in duration and put less pressure on the economy,” she added.
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