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Financial News: China Exports Growth Accelerates Sharply

China Exports Growth Accelerates Sharply

06/07/2024 - 02:23:00 (RTTNews)

(RTTNews) - China's exports growth accelerated markedly in May despite escalating trade tensions, official data revealed on Friday.

Exports posted an annual growth of 7.6 percent following a 1.5 percent rise in April, the Customs Administration reported today. Shipments were forecast to grow 6.0 percent.

Meanwhile, growth in imports decelerated to 1.8 percent from 8.4 percent in the previous month. Despite the slowdown, the annual growth far exceeded forecast of 4.2 percent.

Consequently, the trade surplus increased significantly to $82.62 billion from $72.35 billion a month ago. The surplus was seen rising moderately to $73 billion. The latest Purchasing Managers' survey results showed that new orders from foreign markets increased in May. The manufacturing Purchasing Managers' Index rose to 51.7, signaling the fastest growth in nearly two years.

Capital Economics' economist Zichun Huang said exports are set to stay strong in coming months driven by weaker real exchange rate.

The economist anticipates double-digit growth in export volumes in 2024, which will help the economy to expand 5.5 percent.

Imports are also forecast to rise in the coming months, Huang said. "A fresh wave of fiscal support is likely to bolster construction activity, driving up demand for industrial commodities," the economist added.

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