Chinese exports surge 50% on year in May

| June 9, 2010 | 0 Comments
Chinese exports surge 50% on year in May

Chinese exports grew by around 50% in May compared with a year earlier, according to sources, which fuelled a recovery in Asian stocks today.

The figure, which is set to exceed expectations of a 32% rise, comes after China overtook Germany as the world’s biggest exporter earlier this year. Germany had held the top spot since 2003.

Exports have been surging ahead in the world’s third largest economy and posted a 30% rise in April.

The speculation saw Asian stocks recover from some earlier losses, while the euro stabilised.

Shanghai stocks gained 3%, while Hong Kong’s Hang Seng index was up 1.2%.

However, Japan’s Nikkei pulled off its lows but still closed down 1% at a six-month closing low as investors continue to fret about the euro zone’s debt worries.

There are now concerns that Europe’s debt problems could impede or even derail a global economic recovery.

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