China's trade surplus $13 billion in May

SteelOrbis Shanghai On June 12, the General Administration of Customs released China's import and export figures in May. China's exports for May totaled $73.11 billion, up 25.1 percent from a year earlier and imports totaled $60.11 billion, up 21.7 percent. Trade surplus expanded to $13 billion, the largest monthly surplus so far this year, and continued to the trade surplus growth in the 25th consecutive month. From January to May, the cumulative exports totaled $347.32 billion, up 25.7 percent over the same period last year, and the cumulative imports totaled $300.53 billion, up 22 percent, resulting in $46.793 billion cumulative trade surplus from January to May. The trade surplus increase lasting for 25 months caused the dissatisfaction of the EU and US. The upcoming export tax rebate adjustment is considered to brake China's exports. However it may not achieve the purpose of reducing trade surplus. In short term, the reduction of rebate rate will result in the rise in export costs and prices, which may even cause the enlargement of trade surplus.