China says exports jump 19.4 pc on-year in May, beating forecasts

BEIJING: Chinese exports surged almost a fifth last month, official data showed on Tuesday, as the world's second-largest economy weathered pressure from the Middle East war.

Overseas shipments from the manufacturing powerhouse jumped 19.4% from the same period last year, the General Administration of Customs (GAC) said.

That figure beat the 15% forecast in a Bloomberg survey of economists, and picked up pace from April's 14.1% increase.

Imports soared 27.4% year-on-year in May, topping the 26% estimated in the Bloomberg survey.

Exports to the United States surged 35.4% on-year, as President Donald Trump visited Beijing with trade high on the agenda.

Shipments to the world's biggest economy hit $39 billion, according to the GAC, up from $28.8 billion in the same month last year, when they plunged during Trump's turbulent trade war.

The trade gains are a bright spot for the Chinese economy, which has struggled to shift drivers of growth away from manufacturing to domestic consumption.

But weaker demand and rising energy costs caused by the Middle East war have started to weigh on growth.

China's factory activity was flat last month after two months of expansion, official data showed.

The country's factories are facing higher costs with the prices of raw materials rising, particularly in the energy and chemical sectors, as shipping constraints remain a problem.

By RSS/AFP