China’s trade surplus in RMB for the first five months expanded by 45%
China's General Administration of Customs announced that exports in US dollars in the previous month increased by 1.1% year-on-year, higher than the expected drop in 3.9%; imports fell for 8.5% year-on-year, more than the expected 3.9% decrease; trade surplus was US$41.65 billion, higher the expected $22.3 billion.
Imports denominated in RMB fell 2.5% last month compared with last year, far lower than the expected increase of 5.8%; exports rose 7.7% year-on-year, higher than the expected 4.7%; trade surplus was RMB279.12 billion, higher than the expected RMB136 billion.
In first five months this year, the total import and export value of RMB12.1 trillion, increased by 4.1% year-on-year. Exports amounted to RMB6.5 trillion, up 6.1% year-on-year; imports were recorded as RMB5.6 trillion, up 1.8% year-on-year; trade surplus RMB893.36 billion, up 45% year-on-year. If calculated in USD, the total value of imports and exports in the first five months was USD1.749 trillion, down 1.6% year-on-year, of which exports amounted to 958.34 billion, up 0.4% year-on-year, and imports to 827.87 billion, 3.7% lower year-on-year. The trade surplus was 130.47 billion, up 38.3%.