China's May exports pick up pace
China's exports grew more quickly and for a second month in May, suggesting factory owners are managing to find buyers overseas and providing some relief to the economy. Outbound shipments from the world's second-largest economy grew 7.6 percent year-on-year last month, customs data showed on Friday, beating a forecast 6 percent increase in a Reuters poll of economists and a 1.5 percent rise seen in April. Imports increased 1.8 percent in May, slowing from an 8.4 percent jump in the previous month. Over recent months, a flurry of data has shown different parts of the US$18.6 trillion economy recovering at varying speeds. While first quarter growth blew past forecasts and strong March export and output data suggested improving global demand might aid officials' efforts to get the economy back on a more even keel, recent indicators have reflected domestic consumption had softened. A protracted property sector crisis remains the biggest drag on China's economy, with low investor and consumer confidence hurting domestic consumption and undermining business activity. However, Friday's trade data should give authorities some breathing space as they continue their efforts to foster a broad-based economic recovery. The International Monetary Fund last month upgraded its China growth forecast for 2024 in line with Beijing's growth target of "around" five percent, but warned of risks to the economy from the property troubles. (Reuters)