Chinese exports unexpectedly rose in May despite the introduction of new US tariffs and a significant ratcheting up in trade tensions, while imports fell by their biggest amount in almost three years.
Data released by China’s Customs Bureau on Monday showed that exports of Chinese goods rose by 1.1 per cent in dollar terms during the month, compared to the same period a year ago. That was significantly ahead of the 3.8 per cent decline predicted by economists polled by Reuters, and the 2.7 per cent slide witnessed in April.
Export volumes of China’s rare earths, which have recently become a focal point in the trade war, fell by more than 15 per cent month on month to 3,640 tonnes.
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