China has demonstrated robust economic resilience in the first five months of 2024, with its total value of goods traded reaching 17.5 trillion yuan ($2.46 trillion). This marks a significant year-on-year increase of 6.3 percent, according to official data.
Exports played a pivotal role in this growth, totaling 9.95 trillion yuan, up by 6.1 percent. Imports also saw a healthy rise of 7.55 trillion yuan, increasing by 6.4 percent.
Lyu Daliang, director of the Department of Statistics and Analysis of the General Administration of Customs, highlighted the continued rebound of China's economy. He noted that the positive momentum in foreign trade is consolidating, with May witnessing an impressive trade increase of 8.6 percent, further accelerating monthly growth.
In May alone, the total import and export volume surged to 3.71 trillion yuan, reflecting an 8.6 percent year-on-year increase. Exports for the month reached 2.15 trillion yuan, up by 11.2 percent, while imports grew to 1.56 trillion yuan, a 5.2 percent rise.
Bruce Pang, chief economist of JLL Greater China, shared his insights with CGTN, attributing China's strong export growth in May to competitive goods, favorable exchange rates of the Chinese yuan, and early shipments ahead of anticipated tariff hikes.
Customs data reveals that exports of ships, electric cars, and home appliances have seen rapid growth in the first five months, increasing by 100.1 percent, 26.3 percent, and 17.8 percent respectively.
Pang also expects high export growth to continue in the coming months. He points out that a strong U.S. dollar is likely to keep the yuan weak, encouraging exporters to ship early or reroute through third countries.
Reference(s):
cgtn.com
