A total of 350 vehicles are to be loaded on a cargo ship for export at a port in Lianyungang, east China’s Jiangsu Province, Jan 9, 2016.
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China’s copper imports jumped 19.4 percent from the same month a year ago to 430,000 tonnes in May, customs data showed on Wednesday, swelling already ample supply that is expected to reduce metal imports in coming months.
China’s official manufacturing activity survey last week showed signs of steadying in May but remained weak amid soft demand at home and overseas, with new orders expanding more slowly and growth in export orders stalling.
Economists polled by Reuters had expected May exports to fall 3.6 per cent, after a 1.8 per cent decline in April, and expected imports to fall 6 per cent, following April’s 10.9 per cent decline.
China’s imports decreased at their slowest pace in more than a year-and-a-half in May, official data showed Wednesday, in a possible sign domestic demand in the world’s second-largest economy may be recovering.
“China’s export growth is likely to remain subdued going forward”.
Meanwhile, China’s trade surplus came in at Dollars 49.98 billion in May, missing estimates for USD 55.7 billion. “While we don’t anticipate much more of a slowdown in global growth given that the worst is probably over for many emerging markets, we don’t foresee a significant pick-up either”. Its surplus with the United States was $21.1 billion.
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The People’s Bank of China (PBOC), the central bank, held its forecast for economic growth at 6.8 per cent for this year. But those plans rely on keeping up exports that support millions of jobs.
