China Shows Steady Growth of Imports and Exports Despite Rising Trade Tension
Growth of the Chinese exports was stable in May, despite slight slowdown, amid trade tension between Beijing and Washington. China's imports and exports both showed stronger growth over the first five months of the year than they did during the same period a year ago.
The official data showed, that exports rose by 3.2% in May from a year earlier in yuan terms, following a 3.7% drop in April. Imports for May expanded 15.6% in yuan terms from a year ago, compared with an 11.6% increase in April.
In dollar terms, China's exports rose 12.6% yoy in May, compared with a 12.9% pace in April. The increase was higher than economists' forecast of 10.6%. Imports grew 26.0% on year in May, accelerating from 21.5% in April. It was also higher than the economists' forecast of 18.8%.
China's exports to the United States rose 11.6% in May from a year earlier, compared with a 9.7% rise in April. Its imports from the United States rose 11.4% in May, far slower than the 20.3% growth shown in April. That widened China's surplus with the United States to $24.58 billion in May from $22.15 billion in April.
China’s aluminum exports rose to their highest in almost 3-1/2 years in May, as a favorable price arbitrage saw more shipments overseas despite US tariffs, while steel exports were the most since July 2017, helped by a recovery in global demand.