Chinese exports accelerated in May.
The New York Times notes China May Exports, Imports Beat Forecasts.
Bloomberg says the Global Trade Outlook Brightens. Really?
China’s overseas shipments accelerated in May from a year earlier, as global demand shows signs of picking up.
Exports rose 8.7 percent in May in dollar terms, the customs administration said Thursday. Imports increased 14.8 percent, leaving a trade surplus of $40.81 billion dollars. In yuan terms, exports rose 15.5 percent and imports surged 22.1 percent, bringing the trade balance to 281.6 billion yuan.
A brighter international outlook may provide support to the world’s largest trading nation, with the World Trade Organization saying it expects trade to “expand moderately” in the second quarter. Still, after a robust start to the year, the domestic economy is displaying some signs of weakening momentum. The official factory gauge held up in May, but a private gauge signaled contraction for the first time in 11 months.
China and the U.S. announced a deal in May to promote Chinese access for U.S. natural gas, financial services and beef as an “early harvest” of a 100-day review of the bilateral trade relationship that’s due to wrap up in July. China also vowed it will import $2 trillion from neighbors participating in its Belt and Road Initiative in the coming five years.
Robust Start to 2017?
Is Bloomberg in Bizarro World or an alternate universe somewhere?
Belt and Road Initiative
Wikipedia describes the Belt and Road Initiative.
The Silk Road Economic Belt and the 21st-century Maritime Silk Road, also known as the Belt and Road Initiative (B&R) and The Belt and Road (B&R), is a development strategy proposed by Chinese President Xi Jinping that focuses on connectivity and cooperation between Eurasian countries, primarily the People’s Republic of China, the land-based “Silk Road Economic Belt” (SREB) and the oceangoing “Maritime Silk Road” (MSR). The strategy underlines China’s push to take a larger role in global affairs, and the desire to coordinate manufacturing capacity with other countries in areas such as steel manufacturing.
Leave A Comment