(MENAFN– ecpulse) China witnessed an unexpected surplus in its trade balance during the month of May, as sales to U.S. jumped to the most this year and purchases by the European Union countries rose for the first time in three months.
Chinese economy recorded a surplus in May’s trade balance, where the actual came at $18.70 billion compared with a pervious reading of $18.43 billion, while analysts’ forecasts were of $16.40 billion.
The exports also recorded an unexpected increase in May on yearly basis, where the actual came at 15.3% compared with a previous reading of 4.9%, while analysts expected an outcome of 7.2%.
At the same time, imports unexpectedly rose, where the actual came at 12.7% compared with a previous reading of 0.3%, while the forecasts were of 5.0%.
Last week the People’s Bank of China lowered the benchmark interest rate by 25 basis points to 3.25% in order to support the nation’s growth and to improve domestic consumption.
The yuan’s appreciation against the U.S. dollar may halt this year as the Chinese government argues that the currency is near equilibrium and that the austerity measures in Europe are weighing on exports.
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