Economic Buzz: Chinas Trade Surplus Rises Sharply In May

9 Jun 2022 , 11:33 AM

Official data showed that Chinas exports logged a double-digit growth in May as operations resumed in the Shanghai port after coronavirus-linked lockdowns. Exports advanced 16.9 percent from a year ago, following a 3.9 percent rise in April, the General Administration of Customs said. At the same time, imports grew 4.1 percent annually after remaining flat in the previous month. As a result, the trade surplus rose sharply to $78.7 billion in May from $51.1 billion a year ago. According to the latest Organisation for Economic Co-operation and Development forecast, Chinas GDP growth will slip to 4.4 percent this year as strict lockdowns in key economic centers such as Shanghai and Beijing dampened growth at the start of the year.Powered by Commodity Insights