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Financial News: China Export Growth Tops Expectations

China Export Growth Tops Expectations

06/08/2017 - 02:38:00 (RTTNews)

(RTTNews) - China's exports increased more-than-expected in May on robust foreign demand, but a double-digit expansion in imports weighed on the trade balance.

In dollar terms, exports advanced 8.7 percent year-on-year in May, the General Administration of Customs said Thursday. Shipments were forecast to climb 7.2 percent after gaining 8 percent in April.

At the same time, imports logged an annual growth of 14.8 percent, bigger than the expected 8.3 percent and April's 11.9 percent rise.

As a result, the trade surplus rose to $40.8 billion from $38 billion a month ago. The surplus was below the expected level of $47.8 billion.

In yuan terms, exports grew 15.5 percent and imports surged 22.1 percent, taking the trade surplus to CNY 281.6 billion.

Economists had forecast exports to rise 14 percent and imports to climb 9 percent in May.

Julian Evans-Pritchard, an economist at Capital Economics, said the current strength of imports is unlikely to be sustained if slower credit growth feeds through into weaker economic activity in the coming quarters.

The economist said exports growth is also likely to edge down further ahead, but should fare better than imports given the relatively upbeat outlook for China's main trading partners.

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