In May, Chinese exports grew by almost 28 percent in dollar terms compared to a year earlier. Import took off 51.1 percent, which is a record since 2010. Trade balance per month amounted to 45.5 billion dollars. A trading boom began in the country, Bloomberg writes.
Foreign demand for Chinese goods is growing as world economies come out of multi-month isolation, fueling consumer spending. Active recovery increased demand for commodities, which also contributed to a significant increase in prices for them.
Russia’s turnover and China in the first five months of the year increased by 23.6 percent (up to 50.65 billion dollars). Exports in Russia grew by 35.3 percent (up to $ 22.921 billion). Imports of Russian goods and services increased by 15.4 percent (up to 27.735 billion dollars). Commodity turnover of China and the United States grew by 52.3 percent in five months, reaching $ 279.64 billion.
Following the first quarter of the current year, China’s economy has grown to a record 18.3 percent, despite the fact that in the same period last year it fell by 6.8 percent.
The growth of the economy reflected several factors, including increasing domestic demand, labor market stability, ensuring high production productivity and improving the expectations of entrepreneurs.