Monday, June 11, 2012
China’s May trade data far exceeds projections
China’s two-way trade in May was more than double analysts projections, thanks in part to surging U.S. demand for Chinese-made goods and crude oil imports, according to customs data.
Exports out of China rose 15.3 percent in May over the same period a year earlier while the expectation was reportedly for a 6.8 percent increase, as the global manufacturing giant’s trade with the U.S. ended up 12 percent in the first five months of 2012, compared to a meager 1.3 percent rise with the struggling European economies.
China’s imports were up 12.7 percent from May of 2011, easily outpacing expectations of 5 percent growth, according to a Reuters poll.
Crude oil imports into China posted an all-time high of 6 billion barrels a day; a traditional indicator of economic strength.
China’s annual trade growth to date is still behind the 20 percent increase recorded in 2010, as the Chinese government recently cut interest rates to help stimulate its economic growth amid slackened global demand, and is expected to slide below 8 percent in the second quarter; the sixth consecutive quarter of slowdown.
For the full Reuters story: www.cnbc.com
More Newswire stories
Report: Tardy container deliveries not just from late-arriving ships
USMX to attend ILA wage scale meetings later this month
Russian billionaire’s ship suspected of carrying weapons to Syria
Today's Cargo News Archives