China exports boom as recovery continues
Chinese exports in May grew by almost 28% year-on-year, with imports soaring by 51.1%, a 11-year high. The country’s trade surplus for the month reached $45.5 billion, Bloomberg has reported.
Russia saw a particularly big jump in trade with China, with trade between the two increasing by 23.6% year-on-year, to $51 billion. Exports to Russia grew by 35.3% (to $23 billion), while imports of Russian goods and services into China increased by just over 15% percent (to $28 billion). Trade between China and the United States jumped by 52% in five months to $280 billion.
In the first quarter of this year, China's economy grew by a record 18.3% – in the equivalent period in 2020 it fell by 6.8%.