China’s exports exceeded expectations in May, according to customs data, as the global recovery provided a boost to the country’s economy affected by Covid-19.
Exports grew 16.9 percent in May compared to the same period last year, surpassing the 8 percent forecast by economists surveyed by Reuters. Imports also grew more than expected, up 4 percent.
The total value of exports in May was $ 308.3 billion and imports were $ 229.5 billion. That left China with a trade surplus of $ 78.8 billion during the month, 82% more than the same period last year, the figures showed.
China also imported less crude oil and coal by volume during the January-May period than last year. Fuel imports fell 1.7% to 217 million tonnes and 13.6% to 95.9 million tonnes, respectively. However, the price per tonne of each fuel increased significantly.
Reuters ’calculations based on the figures showed that China’s coal imports fell in May compared to April, as the country’s strict Covid-19 blockades hit demand.
Although the rise in exports in May reflected a temporary moderation in some of the widespread blockages that affected the economy in the previous month, activity indicators in both the manufacturing and services sectors still showed contractions in comparison. with April.
Iris Pang, China’s chief economist at ING, the Dutch bank, said the rebound in exports was largely due to the resumption of Shanghai’s port facilities that month.
“We see that the May figures are a continuation of year-on-year growth in exports of 14.7% in March. If China’s future blockades follow the Beijing model, they should be more flexible, shorter and should be pressured. minus the economy, “he added.