China's Exports in May Surpass Expectations, Rising 7.6% Year-on-Year, 11.2% in Yuan Terms

Jun 7, 2024, 03:03 AM

China's exports in May rose 7.6% year-on-year in USD terms, exceeding estimates of 5.7%, according to a Reuters poll. This marks a significant improvement from the previous month's 1.5% growth. In yuan terms, exports increased by 11.2% year-on-year, reaching 11.20M. Imports, however, grew by only 1.8% year-on-year, falling short of the expected 4.2% increase. The trade balance for May stood at 586.40 billion yuan, up from 513.45 billion yuan previously, and $82.62 billion in USD terms, surpassing the estimated $70.50 billion. These figures suggest improving overseas demand and offer some comfort to Chinese officials regarding the country's economic prospects.