China’s exports expanded at a double-digit rate in May, surpassing estimates in a positive sign for the economy as factories restarted. CSI 300 Index down -1.05%, CNYUSD up +0.15%
- Imports rose for the first time in three months, providing economic relief to Chinese policymakers as they try to move out of the supply-side shock that has rocked global trade.
- Meanwhile, the forecast for China’s exports still points to potential risks from the Ukraine war and surging costs of raw materials.
- Outbound shipments in May surged 16.9% from a year ago, the fastest expansion since January this year and more than double analysts’ estimates for an 8.0% jump. Exports rose by 3.9% in April.
- Economic activity contracted sharply in April as the world’s second-largest economy struggled with the worst COVID-19 outbreak beginning in 2020.