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Exports soar 48.5% in May rebound
By Wang Yanlin |
June 10, 2010, Thursday
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Online Edition
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CHINA'S exports surged 48.5 percent from a year earlier to US$131.7 billion in May, a strong growth indicating little impact from the European sovereign debt crisis.
But analysts said a moderation may follow in the coming months due to economic uncertainties in Europe, and the widening trade surplus may renew calls for the appreciation of the yuan.
China's trade surplus was US$19.5 billion in May with imports also climbing 48.3 percent year on year to US$112.3 billion, the General Administration of Customs said today. It represented a sharp rise from the trade surplus of US$1.68 billion in April and the deficit of US$7.2 billion in March.
"The May trade numbers came in much stronger than expected," said Peng Wensheng, an economist at Barclays Capital. "Strong growth in exports and a rebound in trade surplus likely support calls for a change in the exchange rate policy."
He said the wider surplus in May partly reflected an improvement in China's terms of trade on weaker commodity prices on the international market.
"In the medium to longer term, we expect a continued trend of a declining trade surplus as a percentage of gross domestic product, owing to the lagged effects of earlier exchange rate appreciation and, structurally, to an expected decline in the savings rate with investment likely staying strong."
According to Customs, China's exports have rebounded to the level prior to the global financial crisis. The value of foreign sales increased 9.2 percent compared with May 2008, while imports also rose 11.4 percent from that period.
But analysts said a moderation may follow in the coming months due to economic uncertainties in Europe, and the widening trade surplus may renew calls for the appreciation of the yuan.
China's trade surplus was US$19.5 billion in May with imports also climbing 48.3 percent year on year to US$112.3 billion, the General Administration of Customs said today. It represented a sharp rise from the trade surplus of US$1.68 billion in April and the deficit of US$7.2 billion in March.
"The May trade numbers came in much stronger than expected," said Peng Wensheng, an economist at Barclays Capital. "Strong growth in exports and a rebound in trade surplus likely support calls for a change in the exchange rate policy."
He said the wider surplus in May partly reflected an improvement in China's terms of trade on weaker commodity prices on the international market.
"In the medium to longer term, we expect a continued trend of a declining trade surplus as a percentage of gross domestic product, owing to the lagged effects of earlier exchange rate appreciation and, structurally, to an expected decline in the savings rate with investment likely staying strong."
According to Customs, China's exports have rebounded to the level prior to the global financial crisis. The value of foreign sales increased 9.2 percent compared with May 2008, while imports also rose 11.4 percent from that period.
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