The official data released showed that the value of China’s foreign trade rose again in May.
According to data from the General Administration of Customs of China, exports from the world’s second largest economy in May increased by 27.9% year-on-year to US$263.9 billion. At the same time, exports increased by 51.1%, reaching 218.4 billion US dollars.
The reason for the larger increase compared with last year is the low base, that is, the trade affected by the epidemic dropped sharply last year. Therefore, compared with last year’s indicators, this year is much better.
Although China’s foreign trade has been booming for several months, analysts expect a stronger recovery in May.
China’s record economic growth began at the beginning of the year, and economic activity in the first quarter increased by 18.3% over the same period last year. This is the biggest jump in the past 30 years, during which quarterly statistics were released.
The Beijing government has launched a “Zero Epidemic Strategy”. With the implementation of curfews, large-scale testing, contact searches, quarantine, and strict entry restrictions, the country has basically successfully controlled the coronavirus infection.
Since last summer, the disease has not spread widely, which has brought the economy and daily life back to normal.