The Asian giant’s imports in May increased by 51.1% in a year, which is the country’s fastest growth rate since 2011.
The General Administration of Customs announced on Monday (June 7) that China’s imports in May increased by 51.1% in one year, due to the low comparison base in May 2020.
This is the fastest growth in procurement by the Asian giant since 2011. A year ago, in May 2020, when the Chinese economy went from paralysis to the root of the epidemic, imports fell by 14.2%.
Economists surveyed by the financial information agency Bloomberg had predicted this increase (51%). As early as April, China’s imports soared (43.1% increase in one year) due to the large purchase of electronic components and the weak foundation compared with last year.
On the other hand, according to data from China Customs, the sales of Chinese products abroad last month increased by 27.9% year-on-year. This number is slightly lower than analysts’ forecasts (32%). During the same period a year ago, despite the Covid-19 pandemic paralyzing the world economy, China’s exports experienced an unexpected rebound (+3.5%).
Since the spring of 2020, China’s health status has gradually improved, thanks to the widespread use of masks and large-scale screening tests, which have restored the country to its pre-pandemic levels at the end of last year.