Commentary
May was a great month for Chinese exports. According to the General Administration of Customs, this most recent month for which data are available saw a 12.7 percent rise over April in the value of China’s exports.
The administration notes that if this pace holds up, it will overcome the weakness of earlier months so that 2022 overall will see a 15 percent growth in exports over 2021. This sort of numbers game is entirely misplaced.
What happened in April was a one-time response to the reopening of the Port of Shanghai. It will not repeat. In the coming months, indeed years, an array of forces will keep Chinese exports growth slow….