China’s trade figures beat dour forecasts

City A.M. Reporter
CHINA’S May trade data beat gloomy market expectations, figures from the customs administration showed yesterday, with crude oil imports surging and US demand for exports offsetting lacklustre shipments to Europe.

Exports rose 15.3 per cent in May from a year earlier, a much stronger rate than expectations of a 6.8 per cent increase.

Both exports and imports hit record highs in value terms. China’s trade surplus reached $18.7bn (£12.1bn) in May.

But data out on Saturday showed industrial output near its lowest in three years, albeit up from April.