China's trade surplus rose to 443 billion yuan in May, better than forecast at 283 billion, with the previous reading 318 billion yuan. This marked the trade surplus recorded its highest historical level.
On the other hand, the trade balance surplus denominated in US dollars increased from $45.3 billion to $62.9 billion dollars, while forecasts indicated 41.4 billion.
Overseas demand for Chinese goods has declined somewhat, indicating that the global slowdown caused by the Coronavirus outbreak still has negative repercussions for the second largest global economy.
Meanwhile, falling global commodity prices have prompted Beijing to buy strategic resources like crude oil as tensions with US have risen.
Exports to US and Europe, respectively, decreased by 11% and 1% in the first five months of this year, as Western countries struggled to reopen their economies despite the low infection rates.
Overall, Chinese exports rose just 1.4% yoy last month, after an 8.2% jump in April and a 13.3% drop in the first quarter.
