China May exports/imports up close to 50% yoy on high demand

10 June 2010 08:23  [Source: ICIS news]

SHANGHAI (ICIS news)--Chinese exports in May grew 48.5% year-on-year on the back of rising overseas demand, China Customs said in a statement on Thursday.

China’s exports in May rose to $131.76bn (€109.36bn) while imports also increased sharply by 48.3% year-on-year to $112.23bn, according to the data.

Total foreign trade increased 48.4% to $243.99bn in May, compared to the same month last year, the statement said.

On a month-on-month basis, exports climbed 9.90% and imports fell 5.10% from April, according to the same statement.

The stable economic recovery of major trading partners in Asia and the US bolstered imports from China, said Dong Xian’an, chief economist at Industrial Securities, a Shanghai-based brokerage firm.

China imported 17.84m tonnes of crude oil, 16,144 tonnes of polyester chips and 134,845 tonnes of synthetic rubber in May, the statement said.

($1 = €0.83)

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By: Judith Wang
+65 6780 4359



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