China’s trade surplus in May was smaller than expected, adding to evidence that the country is slowly cutting its reliance on exports, in a development that is seen as necessary for rebalancing the global economy.
China on Friday reported a surplus of $13.05bn in May, larger than its $11.4bn surplus the previous month, but well below market forecasts, which mainly ranged from $18-20bn
The surprisingly narrow surplus was largely due to import strength. Imports rose 28.4 per cent in May from a year earlier, up from a 21.8 per cent pace in April. Exports slowed to 19.4 per cent year-on-year growth, down from a 29.9 per cent increase in April.
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