-
China’s exports jump on port recovery
Exports rose 16.9% year-on-year in May, rebounding from only 3.9% year-on-year in April. Imports rose 4.1% year-on-year in May, up from 0% the previous month. The increase in both exports and imports was mainly due to the reopening of the port of Shanghai, China's largest port, in the last week of May. The trend of 10-20% annual growth should continue As the rebound came mainly from the reopening of Shanghai's port facilities, we see the May figures as a continuation of the 14.7% year-on-year export growth in March. If China's future lockdowns follow Beijing's model, they should be more flexible, shorter in duration ... (full story)