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In May, China recorded a recovery in its foreign trade, with the gradual lifting of health restrictions in Shanghai, which paralyzed economic activity. The isolation phase has been imposed in China’s economic capital since the end of March, in the wake of a nationwide outbreak of the Govt-19 epidemic that has been most severe since 2020.
The full closure of Shanghai in April was a severe blow to domestic activity, reflecting the growth of the world’s second largest economy. With its port, one of the largest ports in the world, Shanghai occupies a strategic position in the supply chain. Exemptions granted to some companies in May allowed production to resume.
As a result, China’s overseas sales last month grew by 16.9% year-on-year, according to China Customs. Analysts polled by the Bloomberg Financial News Agency had expected 8% growth after the recession in April, but exports grew by only 3.9%, and have been weak since 2020.
Moreover, imports in May recorded a growth of 4.1% year-on-year after stagnating in the previous month. Analysts expected a recovery, but at a lower rate, 2.3%.
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