China’s Exports Jump 28% on Global Demand Amid Decline from April Record

Source: Bloomberg

Exports from China grew 28% in May from the same month of last year on strong global demand. CSI 300 sheds 0.088% on news, USDCNY is up 0.04%. 

• China’s May exports represents a slower rate of growth from April’s record 
• Imports surged at a rate of 51.1%, the fastest since March 2020 to enable China to record a $45.5 billion trade surplus.
• China’s exports to the U.S registered a moderate growth of 21% as those to the EU hit an expansion of almost 13%
• Demand by Indian companies grew for the second consecutive month at more than 100%.
• Household appliances and lighting registered growths, but declines were noted in textile and fabric products 
• Rising prices of commodities led to a surge in imports, with iron ore and concentrate gaining 85.5% by value in five months since the start of the year
• Factory gate prices are estimated to have surged by 8.5% in May from last year, the fastest since 2008, pushing export costs higher.