Trade Surplus in China Rockets as Imports Fall in May

Chinese foreign trade fell 0.7% year-on-year resulting in an increase in the Chinese international commercial activity

The foreign exchange reserves of the Asian country China for recording the highs in May as the imports and commodity prices took a sharp fall, the central bank of the nation showed on Sunday.

The foreign exchange reserves of China grew to $3.1017 trillion by the end of May, from $3.0915 trillion in late April, as reported by Efe news. The value of the gold reserves rose to $108.29 billion at the end of May from $106.67 billion in the month of April.

China Imports Slump in May

Trade (Representational picture) Pixabay

China's foreign trade dropped 4.9 percent year-on-year in May, albeit less than expected, and imports plunged 12.7 percent leaving a trade surplus of $62.93 billion, according to the State Administration of Foreign Exchange (SAFE). During April, Chinese foreign trade had declined 0.7 percent year-on-year resulting in an increase in Chinese international commercial activity.

In the January-February period, when the country was largely paralyzed by the crisis unleashed by the coronavirus, foreign trade recorded a 9.6 percent year-on-year contraction. The inter-annual decrease in March was 0.8 percent.

(With agency inputs)