• exports +45.6% vs yr earlier (Reuters poll +48.5%)
• imports +37.9% vs yr earlier (Reuters poll +40.5%)
• trade balance at provisional $+2.93 bln vs $+0.434 bln in April
• exports to China +22.7% y/y
• semiconductor exports +24.5% y/y
• avg exports per working day +49.0% y/y

Exports growth sharpest in 32 yrs

Each time I post y/y data I have to mention the impact of comparison to 2020, the midst of the pandemic and response, i.e. there is a ‘base effect’.