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China's trade surplus rockets as imports slump in May

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Dion Global

08 Jun 2020

China's foreign exchange reserves climbed to record highs in May as imports and commodity prices plunged, the central bank showed on Sunday.

China's foreign exchange reserves grew to $3.1017 trillion by the end of May, from $3.0915 trillion in late April, reports Efe news.

On the other hand, the value of gold reserves increased to $108.29 billion at the end of May from $106.67 billion in April.

China's foreign trade dropped 4.9 per cent year-on-year in May, albeit less than expected, and imports plunged 12.7 per cent leaving a trade surplus of $62.93 billion, according to the State Administration of Foreign Exchange (SAFE).

During April, Chinese foreign trade had declined 0.7 per cent year-on-year resulting in an increase in Chinese international commercial activity.

In the January-February period, when the country was largely paralyzed by the crisis unleashed by the coronavirus, foreign trade recorded a 9.6 per cent year-on-year contraction.

The inter-annual decrease in March was 0.8 per cent.