May's Trade Balance in China: Surpluses on exports soar

In Yuan terms, China's Trade Balance for May came in at CNY502.89 billion, compared to CNY443.88 projected and CNY325.08 billion last month.

June 09, 2022 - 12:00 PM 270 views

May's Trade Balance in China: Surpluses on exports soar

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© May's Trade Balance in China: Surpluses on exports soar

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In Yuan terms, China's Trade Balance for May came in at CNY502.89 billion, compared to CNY443.88 projected and CNY325.08 billion last month.

Last month, exports increased by 15.3 percent, compared to 13.1 percent predicted and 1.9 percent the month before.

Imports increased by 2.8 percent, compared to -9.0 percent projected and -2.0 percent in the previous quarter.

In US dollars,

China's trade surplus grew faster than predicted, with imports and exports exceeding estimates.

The Trade Balance came in at +78.76 billion, compared to +58 billion projected and +51.12 billion previously.

Exports (YoY): 16.9% vs. +8.0% exp. and +3.9% prior.

 Imports (YoY): 4.1% vs. +2.0% exp. and 0% last.

Key Takeaways

China's yuan-denominated exports increased by 11.4 percent year on year in January-May.

China's yuan-denominated imports increased by 4.7 percent year on year in January-May.

China's dollar-denominated imports increased by 6.6% year on year in January-May.

China's dollar-denominated exports increased by 13.5 percent year on year in January-May.

The Forex market (FX) Implications

The encouraging Chinese trade numbers have had little impact on the AUD/USD, which has maintained its negative bias near 0.7175. On the day, the spot is down 0.25 percent.


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