China’s foreign trade will continue to be supported by quickly recovered production amid eased Covid-19 curbs, increased pro-growth policies and a weaker yuan, the China Securities Journal reported citing analysts after May export growth unexpectedly rebounded by 13 percentage points to 16.9% y/y. Overseas demand was still expanding in May, and high commodity prices continued to boost payments, the newspaper said citing Zheng Houcheng, director of Yingda Securities Research Institute, adding that there is a lower comparison base on year. Congestion at the Port of Shanghai has eased rapidly since late April, the newspaper added.
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