Chinese exports jumped 48.5 per cent last month despite the financial crisis in Europe, again increasing pressure on Beijing to appreciate its currency against the US dollar.
The strong increase in exports, which was much bigger than expected by analysts, meant that China recorded a trade surplus in May of $19.5bn, significantly larger than the $1.7bn surplus in April and the modest trade deficit China recorded in March.
The figures suggested that the economic problems in Europe, which is China’s largest export market, have yet to have any pronounced effect on demand for Chinese goods. However, economists cautioned that it could take several weeks before any difficulties in Europe would feed through to the trade numbers.
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