China's exports, imports shoot up in May

PanARMENIAN.Net - China's exports and imports shot up in May, but analysts cautioned the better-than-expected data released Sunday, June 10, was no cause for joy amid global economic woes and a slowdown in the Asian powerhouse, AFP reports.

The strong figures come after China put in a poor economic performance in May and concerned policymakers cut interest rates for the first time in more than three years, as they look to spur growth.

According to the customs agency, exports rose 15.3 percent on-year in May to $181.1 billion and imports increased 12.7 percent to $162.4 billion, slightly widening the trade surplus for the third consecutive month to $18.7 billion.

This compares with a lackluster 4.9 percent increase in exports and 0.3 percent rise in imports in April.

The figures widely defied analyst expectations - a hopeful sign for the world's second largest economy, which recorded poor data in May such as slower-than-expected growth in industrial output.

A survey released by banking giant HSBC also indicated a contraction in Chinese manufacturing activity in May for the seventh consecutive month.

Chinese policymakers are trying to place a greater emphasis on domestic demand to stimulate growth rather than maintaining a reliance on exports as the crisis in Europe - the country's largest export market - rages on.