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

June 7, 2021 by Forex Winner Leave a Comment

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 Exports, imports grew strongly in May
  • 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.

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