China’s foreign trade grew strongly in May
China’s foreign trade increased again in May. As the Beijing customs authorities announced, the exports of the second largest economy rose by 27.9 percent compared to May of the previous year to 263.9 billion US dollars (about 216.9 billion euros). Imports jumped 51.1 percent to $ 218.4 billion.
The exceptionally high growth compared to the previous year can be partly explained by the fact that world trade had collapsed at the time due to the corona pandemic. Foreign trade has been on the up again for months now, but analysts had expected an even stronger recovery for May on average. Germany also benefited significantly from the strong recovery in China, its most important trading partner.
According to the Beijing Customs Administration, imports from Germany rose 47 percent in May compared to the previous year. Conversely, China delivered 6.7 percent more goods to Germany. From the entire EU, China imported 57.7 percent more than in May of the previous year. Exports to the EU countries rose by 12.6 percent. Despite the trade war with the United States, foreign trade with the United States also increased. China’s exports rose 20.6 percent, while imports rose 40.5 percent.
China, which has long since overcome the corona crisis, started the new year with record growth. The economy grew by 18.3 percent in the first three months compared to the first quarter of the previous year. It was the biggest jump since the quarterly evaluation began a good 30 years ago. The government in Beijing is pursuing a “zero covid strategy”. With curfews, mass tests, contact tracing, quarantine and strict entry restrictions, the country has the coronavirus largely under control. There have been only a few, minor outbreaks since last summer, allowing the economy and everyday life to return to normal.