China's total import and export were $112.2 and $313.8 billion respectively.  Total export jumped 48.5% compared with the same period of last year, while total import increased 48.3%.  For the first 5 months of this year, China's total export and import were up 33.2% and 57.5% respectively.

Looking at the chart below in detail, however, the above numbers are a little misleading.  January of last year was the worst month of China's international trade.  Even thought it has been recovering ever since, the first half of last year represent the trough of China's trade.  Even though China's export jumped in May, it is still at about the same level as what was reached in December 2009.  At the same time, total import has declined for the last two month.  This is a bad sign in terms of fending off the pressure of Chinese currency appreciation.  It also means China's policy of boosting domestic consumption has not been very successful.

(Click to enlarge)