According to customs data released on Friday, China’s exports for May exceeded expectations by growing 7.6% year-on-year in U.S. dollar terms, surpassing the predicted 6% growth from a Reuters poll. However, imports only saw a 1.8% increase during the same period, missing the forecasted 4.2% growth.
In April, China experienced a 1.5% year-on-year growth in exports, while imports surged by 8.4%. Despite trade tensions with the U.S., China’s exports have remained resilient, providing support for the country’s overall economic growth.
The Caixin manufacturing purchasing managers’ index indicated that new export orders expanded for the fifth consecutive month in May, albeit at a slower rate. On a global scale, trade restrictions have been escalating, with the International Monetary Fund reporting a significant increase from 1,000 restrictions in 2019, prior to the pandemic, to around 3,000 imposed last year.
