May trade balance surplus and exports grow below estimates

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China’s trade balance for May, in yuan terms, was 296 billion yuan versus expectations of 330.98 billion yuan and from 276.5 billion yuan the previous month.

Exports increased 39.5% last month versus 22.2% previously.

Imports increased 18.1% versus 32.1% expected and 32.2% previously.

In USD terms, China reported lower-than-expected growth in the trade surplus, since both imports and exports did not meet the estimates.

The trade balance rose to + 45.53 billion dollars compared to the + 50.5 billion expected and the + 42.85 billion of the previous month.

Exports rose + 27.9% year-on-year, compared to the + 41.6% expected and the + 32.3% previously.

Imports rose + 51.1% year-on-year, compared to the + 51.5% expected and the + 43.1% previously.

Additional conclusions

  • Exports from China to the US from January to May: + 38.9% in yuan terms.
  • Imports to China from the US from January to May: + 48.5% in yuan terms.
  • China trade surplus with the US from January to May: 860.51 billion yuan.

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