7 Jun 2022
China's May Transports, Imports Seen Better as Supply Chains Reopen
The Index Today
A Reuters poll showed that China's exports are expected to have recovered at a faster pace in May after factories reopened and supply chain disruptions lulled after Shanghai began to rise up from a lockdown, while imports also likely rose.
According to a median forecast in a Reuters poll of 28 economists, exports in May likely grew 8.0% from a year earlier, accelerating from a 3.9% expansion in April. Official data showed the average daily container throughput at the Port of Shanghai rose 7% in May from a month earlier.
Recent news also shows that the major automakers ramped up production in May. Electric car makers like Tesla (NASDAQ: #TSLA ) also reopened their factory in Shanghai last April 19 after it was stopped last 22 days.
Analysts at UBS said that "COVID disruptions to logistics, production and customs clearing seem to have started to ease since late April." They also mentioned that South Korea's strong trade data in May likely pointed to still strong global demand.
©Photo: Yu Fangping / For China Daily