Containers sit at Yangshan Port in Shanghai, China on August 6, 2019.
Ali Song | Reuters
BEIJING – China’s exports grew faster than expected in May, while imports missed forecasts, customs data showed on Friday.
Exports rose 7.6% in May from a year ago in US dollar terms, beating expectations for 6% growth, according to a Reuters poll.
However, imports rose 1.8% in the period, missing Reuters’ forecast for 4.2% growth.
In April, China’s exports rose 1.5% year-on-year, while imports rose 8.4%. In the first five months of the year, exports in US dollar terms rose 2.7% from a year ago, while imports rose 2.9%.
China’s imports and exports to the U.S. and EU fell during that time, according to CNBC calculations of official data. But trade with the Association of Southeast Asian Nations rose, with China’s exports up 4.1% year-on-year in the January-May period, data showed. China’s exports to Russia fell during that time, while imports from Russia increased by 7.5%.
China’s ship exports rose 20% each, while exports of cars and integrated circuits rose 20% in the January-May period. Exports of rare earths, fertilizers and cell phones are down.
As an indicator of domestic demand, China’s crude oil imports were little changed in the first five months of the year. The same period was in 2023. The country is the world’s largest importer of crude oil.
China’s exports have held up despite trade tensions with the US, helping overall economic growth.
The Caixin Manufacturing Purchasing Managers’ Index showed that New export orders rose for the fifth straight month in Mayalbeit at a slower pace.
Global trade restrictions are on the riseHowever, before the pandemic, the IMF said last week that 3,000 were imposed last year and 1,000 in 2019.
