China’s exports rebounded vigorously in May, highlighting the nation’s resilience in foreign trade, and the sector is expected to expand steadily in the months ahead given the effect of supportive policy measures that have been put in place to bolster the economy, industry experts and analysts said.
Stable growth in foreign trade will help shore up the overall economic outlook and market confidence, making the country more attractive to foreign investors, they said.
The nation’s exports in May beat expectations by jumping 15.3 percent year-on-year to 1.98 trillion yuan ($300 billion), while imports rose 2.8 percent to 1.47 trillion yuan, according to customs data released on Thursday.
The total value of China’s imports and exports in May reached 3.45 trillion yuan, up 9.6 percent year-on-year, lifting the trade value for the first five months to 16.04 trillion yuan, or 8.3 percent higher than a year ago.
“The strong foreign trade performance in May was mostly attributable to reining in the resurgence of domestic COVID-19 cases, which enabled improvements in logistics and an acceleration of product production and shipments,” said Gao Lingyun, director of the international investment division of the Chinese Academy of Social Sciences’ Institute of World Economics and Politics.
“The rising raw material prices and global inflation have contributed to the growth of trade value, but the influence was quite limited compared with the strong rebound in exports,” he said, adding that China’s foreign trade will continue to expand and upgrade, as policies recently released to strengthen the sector need some time to deliver their full effect this year.
Chairing a State Council executive meeting on Wednesday, Premier Li Keqiang pledged measures to further stabilize foreign trade and investment, and promote further opening-up of the country. He also called for the removal of obstacles and improvement of support measures to fully leverage the impact of policies on the economy. – China Daily
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