China trade: export growth in May boosted by Shanghai reopening, but ‘temporary blip’ to fade amid headwinds
- China’s exports grew by 16.9 per cent in May compared with a year earlier, up from 3.9 per cent growth in April
- Imports grew by 4.1 per cent in May compared with a year earlier, up from an unchanged reading in April
China’s export growth rebounded in May as manufacturing activity in Shanghai gradually returned to normal towards the end of its two-month coronavirus-induced lockdown, but any forward momentum is set to fade amid rising uncertainties, analysts said.
The May figure was above expectations for a rise of 7.3 per cent, according to Wind, a leading provider of financial information services in China.
Imports, meanwhile, grew by 4.1 per cent in May from a year earlier to US$229.49 billion, up from an unchanged reading in April, and also above the expectation of a 0.6 per cent rise.
Resuming international trade has been a priority for the local governments in Shanghai and the cities in Zhejiang and Jiangsu provinces. Their efforts paid off
“Resuming international trade has been a priority for the local governments in Shanghai and the cities in Zhejiang and Jiangsu provinces. Their efforts paid off,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management.