• 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.