China’s exports rise nearly 28% as foreign demand increases

0
Shares advanced in Asia on Monday after China reported its economy grew at a 4.9% annual pace in the last quarter

China’s exports surged nearly 28% in May while imports jumped 51% as demand rebounded in the US and other markets.

Growth in China, however, is levelling off after a stunning recovery from last year’s slump.

The country has led the global recovery from the pandemic, which is still raging in many parts of the globe but receding in places where vaccinations have been widely deployed.

Customs data released on Monday showed total exports climbed 40% in the first five months of the year from a year earlier.

They were up 29% from the same period in 2019.

The boost from last year’s slump is fading, however, and the 263.9 billion dollars (£186.5 billion) in Chinese exports in May was about level with the previous month.

China’s imports of 218.4 billion dollars (£154.4 billion) in May were 1.2% lower than in April.

China’s trade surplus in May was 45.53 billion dollars (£32.2 billion), down 26.5% from a year earlier.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.