China Sees Growth on Exports Rise and a Rebound on the Growth on Imports
The country’s export growth in the yuan denominated terms went down to 1.2 percent year on year in May coming from 4.1 percent in April. Customs data have shown that imports have also grown significantly by 5.1 percent rebounding from a 5.7 percent decline in April. Meanwhile trade surplus last month is at 324 billion yuan which is up from April’s 298 billion yuan.
Foreign trade also increased by 2.8 percent year on year or to 2 trillion yuan in May, and for the first five months combined slipped by 3.2 percent or 9.2 trillion yuan a bounce up from a 4.8 decline in the January to April period. In the five months, exports dropped 1.8 percent year on year and imports went down by 5 percent as well which lead to a trade surplus of 1.4 trillion yuan. the leading index for export outlook have dropped 0.7 percent to 33.1 points in May which signaled a pressure on export growth for the third quarter of 2016.
Trade with the European Union the largest trading partner has increased by 2 percent year on year for the first five months. Meanwhile trade with ASEAN countries and the United States the third and second largest trading partners went down by 1.6 and 5.2 percent respectively. Trading with Japan the fifth largest trading partner also edged down by 0.3 percent. Imports of iron ore, product oil and crude oil have recovered in the first five months up by 9.1, 4.5 and 16.5 percent respectively but imports on automobile went down by 12.8 percent followed by plastics and steel imports which also reported declines.