Containers in Shanghai, China, October 19, 2020. ALY SONG / REUTERS
China saw its imports jump by 51.1% year-on-year in May, a surge that can be explained by the weak base of comparison in May 2020, the customs administration said on Monday (June 7).
This is the fastest pace of growth in the Asian giant’s purchases since 2011. A year earlier, in May 2020, imports fell by 14.2 %, as the Chinese economy emerged from its paralysis due to an epidemic.
Economists surveyed by the financial information agency Bloomberg had anticipated this increase (51 %). Already in April, China’s imports soared (+ 43.1% year-on-year), thanks to massive purchases of electronic components and a weak comparison base with last year.
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In the other direction, sales of Chinese products abroad last month rose 27.9% year-on-year, according to Chinese customs. This figure is slightly lower than analysts ‘ forecasts (32%). A year ago at the same time, China’s exports had experienced a surprise rebound (+3.5%), despite the Covid-19 pandemic which then paralyzed the world economy.
The gradual improvement of health conditions in China from spring 2020, thanks to the widespread wearing of the mask and massive screening tests, allowed the country to regain a level of pre-epidemic activity at the end of last year.
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As for the Asian giant’s trade surplus, it reached 45.53 billion dollars (37.42 billion euros) in May, down 26.5% year-on-year. The Chinese surplus in April was 42.85 billion dollars (35.5 billion euros).
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