China’s trade growth rebounded in May 2022 after anti-virus restrictions that shut down Shanghai and other industrial centres earlier in the year began to ease.
Exports surged 16.9 per cent over a year ago to US$308.3bn, up from April’s 3.7 per cent growth, a customs agency statement said yesterday [June 12]. Imports rose 4.1 per cent to US$229.5bn, accelerating from the previous month’s 0.7 per cent.
China’s trade has been dampened this year by weak export demand and curbs imposed to fight outbreaks in Shanghai, the site of the world’s busiest port, and other cities. Consumer demand for imports was crushed by rules that confined millions of families to their homes.
Most factories, shops and other businesses in Shanghai, Beijing and other cities have been allowed to reopen but are expected to need weeks or months to return to normal activity levels.
The Port of Shanghai said the number of cargo containers handled each day returned to 95 per cent of normal by late May. However, a backlog of tens of thousands of containers is likely to cause delays that will be felt around the world.
Import figures got a boost from higher global prices for oil and other commodities while the volume of foreign goods bought grew less strongly.
