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17:26, 22-Jun-2018
China's trade surplus shrinks in first five months of 2018
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China's trade surplus shrank markedly in the first five months of this year, data from the Ministry of Commerce (MOFCOM) showed.
Exports reached 957.06 billion US dollars while imports stood at 857.39 billion US dollars, leaving a trade surplus of 99.67 billion US dollars, down 26.8 percent year-on-year.
China's trade growth in the January-May period in dollar terms stood at 16.8 percent year-on-year, the highest in seven years, according to Liang Ming, director of the foreign trade institute with the Chinese Academy of International Trade and Economic Cooperation, a think tank with the MOFCOM.
The country saw an increased share of mechanical and electrical products among total exports and decreased share of exports of labor-intensive products.
Import growth of integrated circuit, high-tech and energy products accelerated in the first five months of 2018.
Liang attributed the steady trade growth during this period to the global economic recovery, stable domestic economic growth, and the development of the Belt and Road Initiative.
He expected the steady momentum in trade growth to continue in the second half of this year with further improvement in trade quality and structure.
Source(s): Xinhua News Agency