The Strategist

Trade boom begins in China

06/09/2021 - 03:46

Chinese exports were up nearly 28 per cent in dollar terms in May from a year earlier.

Beryl_snw via pxhere
Beryl_snw via pxhere
Imports soared 51.1 per cent, a record since 2010. The trade surplus for the month was $45.5 billion. The country has embarked on a trade boom, Bloomberg wrote.

Overseas demand for Chinese goods is rising as global economies emerge from months of isolation, fueling consumer spending. A strong recovery has boosted demand for commodities, which has also contributed to a significant rise in commodity prices.

China-US trade grew 52.3 per cent in five months to $279.64 billion.

China's economy grew by a record 18.3 per cent in the first quarter of this year, compared with a 6.8 per cent decline in the same period last year.

Several factors contributed to economic growth, including stronger domestic demand, a stable labour market, high manufacturing productivity and improved business expectations.