China’s foreign trade up 6.3% in first five months of 2024

Published : June 09,2024

An aerial view of Longtan Port’s import-export container terminal, Nanjing, Jiangsu Province, China, May 9, 2024. /CFP

China’s total value of goods traded in the first five months of this year reached 17.5 trillion yuan ($2.46 trillion), marking a 6.3 percent year-on-year increase, official data shows. 

Specifically, exports amounted to 9.95 trillion yuan, up 6.1 percent; while imports totaled 7.55 trillion yuan, rising by 6.4 percent.

Lyu Daliang, director of the Department of Statistics and Analysis of the General Administration of Customs,said that since the beginning of this year, China’s economy has continued to rebound, with the positive momentum in foreign trade consolidating.May’s trade increase of 8.6 percent further accelerated monthly growth, he said.

In May alone, the total import and export volume hit 3.71 trillion yuan, reflecting an 8.6 percent year-on-year increase. Exports surged to 2.15 trillion yuan, up by 11.2 percent, while imports grew to 1.56 trillion yuan, a 5.2 percent increase.

Bruce Pang, chief economist of JLL Greater China, told CGTN that China’s exports continued their strong growth in May, driven by competitive goods, favorable exchange rates of the Chinese yuan as well as early shipments ahead of tariff hikes.

According to customs data, exports of ships, electric cars and home appliances grew rapidly in the first five months, up 100.1 percent, 26.3 percent and 17.8 percent, respectively.

Pang also said that high export growth is expected in the coming months, with a strong U.S. dollar that will keep the yuan weak, prompting exporters to ship early or reroute through third countries.

 cgtn.com