China’s Foreign Trade Up 3% In May

China’s foreign trade reached US$355.0 billion in May, up 3% compared with a year before, according to data released by China’s General Administration of Customs.

Exports rose 7% year-on-year to US$195.5 billion, while imports unexpectedly dropped by 1.6% to US$159.6, raising concerns over domestic demand.

The trade surplus was US$35.9 billion, higher than April’s US$18.5 billion.

"Export growth to the U.S. and European Union could remain relatively robust despite some slight softening in the activities data," BofA Merrill Lynch Global Research writes in a report.

The report says the measures announced by the State Council this month to support foreign trade can also help boost the exports. The measures include speeding up export tax rebates and expanding credits to importers and exporters.

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