China’s imports and exports grew again in May, but at a slower pace than last month, with overall trade in the first five months of this year totalling $2.27 trillion, latest data released on Monday showed.
Exports grew 28% in dollar terms year on year in May, according to the General Administration of Customs, as global demand grew with more economies opening up around the world.
Imports soared 51.1%, the fastest pace since March 2010, leaving a trade surplus of $45.5 billion for the month.
This was the eighth consecutive period of import growth and the fastest import growth since January 2011, although the increase from a lower base after imports fell 16.7 percent last year in May due to the impact of the coronavirus pandemic.
Higher commodity prices and last year’s low base continued to drive up imports, Bloomberg reported, adding that the economy’s strong recovery from the pandemic has fuelled demand for commodities, also helping to boost their prices.
Imports of iron ore and concentrate were up 85.5% by value in the first five months of the year, but only 6% by volume. Copper ore and concentrate imports were up 54.5% by value, but only 6.4% by volume, data showed.
China’s trade surplus with the US rose to $31.78 billion from $28.11 billion in April. Imports from the US rose by 40.53 per cent to $13.11 billion in May, while exports rose by 20.6 per cent to $44.89 billion.