China's foreign trade continued its upward trajectory in the first five months of 2024, reaching a total value of 17.5 trillion yuan ($2.46 trillion). This marks a significant 6.3 percent year-on-year increase, according to official data.
Breaking down the numbers, exports amounted to 9.95 trillion yuan, up by 6.1 percent, while imports totaled 7.55 trillion yuan, reflecting a 6.4 percent rise. Lyu Daliang, director of the Department of Statistics and Analysis of the General Administration of Customs, highlighted that China's economy has been steadily rebounding, with foreign trade showing robust positive momentum.
May proved to be a particularly strong month, with the total import and export volume hitting 3.71 trillion yuan, an 8.6 percent increase from the previous year. Exports surged to 2.15 trillion yuan, up 11.2 percent, and imports grew to 1.56 trillion yuan, a 5.2 percent rise.
Bruce Pang, chief economist of JLL Greater China, attributed the strong export growth in May to competitive goods, favorable exchange rates of the Chinese yuan, and early shipments ahead of anticipated tariff hikes. He also pointed out that exports of ships, electric cars, and home appliances saw remarkable increases of 100.1 percent, 26.3 percent, and 17.8 percent respectively.
Looking ahead, Pang expects high export growth to continue in the coming months. He noted that a strong U.S. dollar is likely to keep the yuan weak, encouraging exporters to ship early or reroute their goods through third countries to maintain their competitive edge.
Reference(s):
cgtn.com
