China May 2022 trade balance: CNY 502.89bn (expected 448bn)

  • expected CNY 448.9bn, prior was CNY 325.1bn

Exports +15.3% y/y:

  • expected +13.1%, prior was +1.9%

Imports +2.8% y/y:

  • expected 2.0%, prior was 0.0%

USD terms
China trade balance: US$78.76bn

  • expected $58.0bn, prior was $51.1bn

Exports: +16.9% y/y

  • expected 8.0%, prior 3.9%

Imports: +2.8% y/y

  • expected -9%, prior was -2%

A much improved performance for trade, inbound and outbound, for the month of May compared with April. This is a good sign for improvement ahead for the Chinese economy, which will be welcome domestically and globally.

As p[art of the data is this:

January – May oil imports down 1.7% y/y. That’s not a lot given the extent of the lockdwon impacts and is a bullish sign for oil as China’s economy incrementally reopens in the weeks and months to come.

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