China's exports rose 4.8% in May from a year earlier, a bit lower than expected, as shipments to the United States fell nearly 10%, according to data released Monday just hours ahead of another round of trade talks between the U.S. and China.
Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion.
China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said.
Still, exports to Southeast Asia and the European Union remained robust, growing 14.8% and 12%, year-on-year.
“The acceleration of exports to other economies has helped China’s exports remain relatively buoyant in the face of the trade war,” Lynne Song of ING Economics said in a commentary.
Still, trade slowed in May from an 8.1% jump in China's global exports in April. Many businesses had rushed orders to try to beat higher tariffs, even as some new import duties took effect or remained in place.
Exports will likely rebound somewhat in June thanks to a 90-day suspension of most of the tariffs China and the U.S. imposed on each other in their escalating trade war.
“But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end,” Zichun Huang of Capital Economics said in a report.
Despite the tariffs truce, the rancor between Beijing and Washington has persisted, with angry exchanges over advanced semiconductors, “rare earths” that are vital to many industries and visas for Chinese students at American universities.
The next round of negotiations was due to take place later Monday in London, following a phone call last week between Trump and Chinese leader Xi Jinping.
Other data released Monday highlight the pressure on the world's second largest economy from slowing exports, since China imports many of the components and materials needed for the goods it assembles for the world.
But at the same time, China's own domestic markets are suffering. The government reported that consumer prices fell 0.1% in May, evidence of sluggish demand. The persisting deflation partly reflects lower food prices, economists said.
Producer price deflation was worse, contracting 3.3% in May, its lowest level in almost two years, after falling 2.7% in April.
AP researcher Yu Bing in Beijing contributed to this report.
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8 Comments
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John-San
This data does not include China new Airliners which Ryanair (valued at 30 Billion USD) have ordered dumping Boeing.
quercetum
Exports up 4.8% despite a nearly 10% drop to the U.S.? That’s the economic equivalent of saying, “Tariffs? Oh, those little things? We thought they were just decorative.”
And let’s not forget the trade surplus—$103.2 billion. That’s not a surplus, that’s a flex.
James Dean Jr.
Interesting dynamic: exports up nearly 5%, even with a 10% drop to the U.S. That says a lot about China’s ability to pivot. But a $103 billion surplus alongside falling domestic prices? It’s a reminder that strong trade doesn’t always mean a strong economy at home. The numbers look good — the foundation, maybe less so.
deanzaZZR
Donald Trump, "we have sooooo many cards" ...
@James Dean Jr. Chinese financial institutions have taken measures to encourage more domestic spending. Given the hostility and uncertainty created by unstable Trump who knows if that will work.
TokyoLiving
Well done China, proving that China does not need US..
wtfjapan
Interesting dynamic: exports up nearly 5%, even with a 10% drop to the U.S.
thats what many AMericans cant undertsand, Chinas eports tpo the US account for only 14% of all their exports. China econonomy too a much harder hit under covid when they were effectively shutdown for a year. Yes China can easily weather the drop in US exports. Like Ive stated before CCP doesnt have to worry about releection or mas protests, unlike the US. China plays the long game, midterms are next year LOL
GM is looking to move parts production to China as they control 90% of the rare earth production worldwide.
No China is very far from a pushover as America is slowly fiding out
elephant200
Sanctions with rare earths and critical metals. No exporting to America !
elephant200
If the Americans doesn't want to buy our stuffs, many countries were willing to grab our exports. Because made in China were good stuffs !