China’s exports grew at a double-digit pace in May, beating expectations in an encouraging sign for the world’s second-biggest economy, as factories resume work and logistical difficulties ease after authorities eased some trade restrictions. fighting Covid-19 in Shanghai.
Imports also expanded for the first time in three months, providing Chinese officials with relief as they try to chart an economic path out of the supply-side shock that has rocked global trade and financial markets in recent months.
However, the outlook for Chinese exports, closely watched by investors as an indicator of global economic health, still points to the risks of a months-long war in Ukraine and rising raw material costs.
These same factors, along with rising interest rates in the US and Europe, have raised concerns about a global recession.
Exports jumped 16.9% from a year earlier, the fastest growth since January of this year, and more than double analyst expectations for an 8.0% increase. Exports had increased by 3.9% in April.
“We believe this recovery can continue if there are no more lockdowns,” said Iris Pang, chief economist at ING, adding that the recovery in both exports and imports was mainly due to the rebound at the port of Shanghai in the last week of May.
Chinese economic activity cooled sharply in April as the country faced the worst outbreak of Covid-19 since 2020. Severe lockdown measures, enforced by local authorities, affected roads and ports, left workers at home and closed factories.
Data from Thursday (9) also showed that imports increased 4.1% in May compared to the previous year, the first gain in three months, driven by the easing of logistical bottlenecks and imports of raw materials and intermediate goods. as domestic production resumed.
In April, imports were stagnant, and the expectation for May was for a high of 2.0%.
China posted a trade surplus of US$78.76 billion last month, against a forecast surplus of US$58 billion. In April, the country reported a surplus of US$ 51.12 billion.
Source: CNN Brasil
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