China’s exports grew by 7.6% year-on-year in US dollar terms in May, surpassing expectations of 6% growth, but imports rose by only 1.8%, falling short of the 4.2% forecast, CNBC reports.
Trade with the US and EU declined, while exports to the Association of Southeast Asian Nations (ASEAN) increased by 4.1%. Exports to Russia fell, but imports from Russia grew by 7.5%. Notably, China’s exports of ships nearly doubled, and exports of cars and integrated circuits grew by 20% each, whereas exports of rare earths, fertilizer, and cellphones decreased. China’s crude oil imports remained steady, reflecting stable domestic demand.
Despite trade tensions with the US, China’s exports have supported its economic growth. The Caixin manufacturing PMI indicated that new export orders grew for the fifth consecutive month in May, though at a slower pace.
