May: China’s imports soar by 51.1%, fastest growth in a decade

China’s imports in dollar terms soared by 51 percent to around 218 billion dollars year on year in May, the fastest growth since January 2011, fueled by increasing price pressures from commodities, data from the General Administration of Customs showed.

The growth in imports picked up from a 43-percent rise in April but was slower than an estimated growth of 52 percent tipped by the Reuters poll.

Exports in dollar terms rose by 28 percent year on year in May to 264 billion dollars, slower than the year-on-year growth of 32 percent seen in April, falling short of Reuters’ 32-percent growth prediction.

Exports were surprisingly a bit on the downside, as the new coronavirus disease cases in Guangdong Province slowed down the turnover in Shenzhen and Guangzhou ports, which accounts for about 24 percent of China’s total exports, according to the chief economist at Pinpoint Asset Management.

Source: https://news.cgtn.com/news/2021-06-07/China-s-foreign-trade-up-28-2-in-first-5-months-10TrLXcfyuc/index.html

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