China Exports Grew in Dollar Terms for Third Straight Month in May

China Exports Grew in Dollar Terms for Third Straight Month in May

Export growth accelerated from a 14.3% year-on-year pace in the month before to a 15.5% clip for May (consensus: 13.5%) in yuan terms.

China's exports to the USA rose 11.7% in dollar terms, Customs officials said, taking the year-to-date total to $156.1 billion.

This led to a monthly trade surplus of 281.6 billion yuan, in contrast with a 262.3 billion yuan surplus in April.

Imports were expected to have climbed 8.5 percent, after rising 11.9 percent in April.

China's trade growth rebounded at least temporarily in May in a possible positive sign for global demand and the Chinese economy.

China's imports grew almost twice as fast as expected last month, driven by residual demand from a strong property market, economists said.

Economists say Chinese exports last month benefited from strong USA and European Union demand-China's shipments to both grew at close to double-digit rates from a year earlier-and a more stable Chinese currency. China also vowed it will import $2 trillion from neighbors participating in its Belt and Road Initiative in the coming five years.

Exports rose 8.7 percent in May in dollar terms, more than the 7.2 percent increase forecast by economists in a Bloomberg survey.

"The current strength of imports is unlikely to be sustained", said Julian Evans-Pritchard, economist with Capital Economics, in a report.

The trade surplus of China with the U.S. was slightly up at $22 billion in May, compared to $21.34 billion in April.

"I don't think there will be a slump in iron ore imports going forward because while inventory at ports is very high, inventory at mills is relatively low".

It was slightly higher than the $38.05 billion surplus reported a month earlier.

Trade with the United States, the 10-member Association of Southeast Asians and Japan surged 21.1 percent, 23.2 percent and 17.5 percent, respectively.

China's trade surplus with the USA was $22.0 billion in May, the highest since November and up from $21.34 billion in April, according to data from China's customs bureau.

Imports by the world's second-biggest oil consumer had slipped from a peak of 9.2 million bpd in March to 8.4 million bpd in April.

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