China’s exports surge as US, other markets recover from pandemic
(Photo: AFP via Getty Images).
CHINA’S exports jumped 28 per cent in May and imports grew 51 per cent following a recovery in demand in the US and other markets, where effect of the pandemic is waning.
The country’s total exports surged 40 per cent year-on-year in the first five months of 2021, as per the customs data released by China today (7).
Total exports were up 29 per cent from the same period in 2019.
The base level boost from last year’s slump is fading. The $263.9 billion (£186.6bn) Chinese exports in May was about level with the previous month. China’s imports of $218.4bn (£154.5bn) in May were 1.2 per cent lower than in April.
China’s trade surplus in May was $45.53bn (£32.2bn) down 26.5 per cent from a year ago.
China has led the global recovery from the coronavirus pandemic, which is still raging in many parts of the world. However, effect of the pandemic is receding in places where vaccination have been widely deployed.
During the pandemic, Chinese manufacturers benefited from strong demand for protective gear and other products as other countries battled Covid-19.
Rise in prices for oil and other commodities was responsible for sharp increase in Chinese import value, according to analysts.
Higher Chinese import also reflects demand for the inputs needed to make so much of what China exports.