BEIJING (Reuters) – China’s exports grew at a double-digit pace in May, shattering expectations in an encouraging sign for the world’s second biggest economy, as factories restarted and logistics snags eased after authorities relaxed some COVID curbs in Shanghai.
Imports also expanded for the first time in three months, providing welcome relief to Chinese policy makers as they try to chart an economic path out of the supply-side shock that has rocked global trade and financial markets in recent months.
Nonetheless, the outlook for China’s exports, closely watched by investors as a gauge of world economic health, still points to risks from a months-long Ukraine war and rising raw material costs. Those same factors, along with rising interest rates in the United States and Europe, have raised concerns about a global recession.
Outbound shipments in May jumped 16.9% from a year earlier, the fastest growth since January this year, and more than double analysts’ expectations for a 8.0% rise. Exports were up 3.9% in April.
“We believe this recovery can continue if there are no further lockdowns,” said Iris Pang, Greater China chief economist at ING, adding the rebound in both exports and imports was mainly due to the port recovery in Shanghai in the last week of May.
Official data showed the daily container throughput at Shanghai port, which was running at severely reduced capacity in April, returned to 95.3% of the normal level in late May.
“If global demand continues to be as…
