China's foreign trade has experienced a robust increase of 6.3% in the first five months of 2024, reaching a total value of 17.5 trillion yuan ($2.46 trillion). This growth highlights the ongoing rebound of China's economy, with both exports and imports showing significant gains.
Exports amounted to 9.95 trillion yuan, up by 6.1%, while imports reached 7.55 trillion yuan, increasing by 6.4%. Lyu Daliang, director of the Department of Statistics and Analysis of the General Administration of Customs, emphasized that the positive momentum in foreign trade is consolidating alongside the overall economic recovery.
May was a particularly strong month, with the total import and export volume hitting 3.71 trillion yuan, reflecting an 8.6% year-on-year increase. Exports surged to 2.15 trillion yuan (+11.2%), and imports grew to 1.56 trillion yuan (+5.2%).
Bruce Pang, chief economist of JLL Greater China, noted that China's exports continued their strong growth in May, driven by competitive goods, favorable exchange rates of the Chinese yuan, and early shipments ahead of tariff hikes. Key sectors such as ships, electric cars, and home appliances saw rapid growth, increasing by 100.1%, 26.3%, and 17.8% respectively.
Looking ahead, Pang expects high export growth to continue in the coming months. A strong U.S. dollar is likely to keep the yuan weak, encouraging exporters to ship early or reroute through third countries.
