AVN 66.80 Increased By ▲ 1.60 (2.45%)
BAFL 31.08 Increased By ▲ 0.34 (1.11%)
BOP 4.89 Increased By ▲ 0.09 (1.88%)
CNERGY 3.78 Increased By ▲ 0.07 (1.89%)
DFML 14.40 Increased By ▲ 0.19 (1.34%)
DGKC 41.11 Increased By ▲ 0.06 (0.15%)
EPCL 46.37 Decreased By ▼ -0.08 (-0.17%)
FCCL 11.33 Decreased By ▼ -0.07 (-0.61%)
FFL 5.05 No Change ▼ 0.00 (0%)
FLYNG 5.79 Decreased By ▼ -0.01 (-0.17%)
GGL 10.36 Increased By ▲ 0.03 (0.29%)
HUBC 67.00 Increased By ▲ 0.13 (0.19%)
HUMNL 5.76 Increased By ▲ 0.05 (0.88%)
KAPCO 27.93 Increased By ▲ 0.17 (0.61%)
KEL 2.23 Increased By ▲ 0.03 (1.36%)
LOTCHEM 25.15 Increased By ▲ 0.25 (1%)
MLCF 21.50 Increased By ▲ 0.06 (0.28%)
NETSOL 85.76 Increased By ▲ 2.16 (2.58%)
OGDC 92.38 Increased By ▲ 6.48 (7.54%)
PAEL 11.05 Increased By ▲ 0.04 (0.36%)
PIBTL 4.20 Decreased By ▼ -0.02 (-0.47%)
PPL 80.15 Increased By ▲ 5.67 (7.61%)
PRL 13.63 Increased By ▲ 0.20 (1.49%)
SILK 0.92 No Change ▼ 0.00 (0%)
SNGP 42.98 Increased By ▲ 2.58 (6.39%)
TELE 5.91 Increased By ▲ 0.05 (0.85%)
TPLP 15.73 Increased By ▲ 0.33 (2.14%)
TRG 114.40 Increased By ▲ 2.99 (2.68%)
UNITY 13.79 Increased By ▲ 0.04 (0.29%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,085 Increased By 47.9 (1.19%)
BR30 14,838 Increased By 426.6 (2.96%)
KSE100 40,864 Increased By 392.8 (0.97%)
KSE30 15,363 Increased By 200.4 (1.32%)
Follow us

BEIJING: China’s exports rose 27.9 percent in May while imports grew at the fastest pace in more than a decade as the global economy powers back from the pandemic crisis, official data showed Monday.

Demand for China’s goods has bounced after economically painful lockdowns last year due to the Covid-19 crisis, and as vaccines are rolled out across much of the world.

The figures are also boosted by last year’s low base of comparison when the coronavirus was spreading rapidly.

Exports from the world’s second largest economy posted strong growth but came in lower than expectations of 32.0 percent.

“To be honest, that is a cracking number by anybody’s standard and show that global demand remains robust,” said OANDA’s Jeffrey Halley.

In May, import growth hit its highest rate since January 2011, coming in at 51.1 percent on-year, also slightly below expectations of a Bloomberg poll of analysts.

But still, imports and exports to China’s major trade partners including Southeast Asia’s ASEAN bloc, the European Union and the United States have risen in the first five months this year, said customs authorities.

“It’s still a fairly healthy set of numbers,” Jonathan Cavenagh, senior market strategist at Informa Global Markets, told Bloomberg TV. “We know that global demand is still recovering and that trend is likely to continue towards the end of the second quarter and into the third quarter as the major developed economies open up.”

The lower-than-expected export figure was likely due to port disruptions due to tighter Covid-19 control measures in late May after the coronavirus was detected among staff.

Pang added that the Suez Canal incident — when a stranded mega-ship blocked the critical maritime artery for six days in March — had also affected China’s export and import trade.

Electronics shipments have bolstered Chinese exports, rising 31.9 percent on-year in the January to May period, although growth in demand for textiles — including masks to guard against the virus spread — have eased, dropping 10.3 percent.

Nomura chief China economist Lu Ting noted that factors behind import growth include rising commodity prices and strong yuan appreciation. Authorities said Monday that the volume and prices of iron ore, crude oil and soybeans imports have risen. China’s overall trade surplus came in at $45.53 billion in May, an on-year decrease of 26.5 percent.

Comments

Comments are closed.

Chinese exports up 28pc, imports hit decade-high

Intra-day update: rupee improves, up 1.13% against US dollar

Talks extended for two days: IMF demands govt withdraw power subsidy

Former military ruler Musharraf’s body to be flown to Pakistan

All set for inking pact with Denmark under DETI

Major earthquake strikes Turkey, Syria; about 300 dead, many trapped

FBR to check benami transactions of civil servants

TTP celebrates death

COAS reaches UK on five-day visit

China delivers two Hualong-1 nuclear power units

KSA warns sanctions, under-investment may cause energy shortages