China’s exports in May saw a significant monthly increase of 7.6 percent while imports rose slower by 1.8 percent from the 8.4 percent surge last month, highlighting the fragility of domestic consumption. China’s trade surplus grew to $82.62 billion last month.
Year-on-year, China’s exports saw a 1.5 percent increase while imports saw an 8.4 percent increase, revealed the latest China Customs data. During the first five months of 2024, U.S. dollar-denominated exports rose by 2.7 percent year-on-year, while imports saw a 2.9 percent increase.
During that time, China’s imports and exports to the U.S. and European Union saw a decline. However, trade with the Association of Southeast Asian Nations saw an increase, with exports to the region growing 4.1 percent annually from January to May. In addition, China’s exports to Russia fell during that time, while imports from Russia saw a 7.5 percent increase.
During the first five months of 2024, China’s exports of ships nearly doubled year-on-year while exports of cars and integrated circuits saw a 20 percent increase. However, exports of rare earths, fertilizer and cell phones declined. Notably, China’s crude oil imports saw little change from January to May, signaling stability in domestic demand compared to the same period last year.
Read: South Korea records 8th straight month of YoY export growth, reaching $58.1 billion in May
Despite rising trade tensions with the U.S., China’s exports have continued to grow, helping support the country’s economic growth. Last month, the U.S. revealed high tariff increases on $18 billion of exports, including a quadrupling of tariffs on Chinese new energy vehicles. Despite the rising tariffs on vehicles, China’s customs data revealed that vehicle exports, including chassis, saw a 16.6 percent increase in value last month.
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