China's trade surplus shrinks in first five months

BEIJING - China's trade surplus shrank markedly in the first five months of this year, data from the Ministry of Commerce (MOC) showed.

Exports reached $957.06 billion while imports stood at $857.39 billion, leaving a trade surplus of $99.67 billion, down 26.8 percent year-on-year.

China's trade growth in the Jan-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 MOC.

The country saw 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 trade growth momentum to continue in the second half of this year with further improvement in trade quality and structure.