China's latest trade statistics show exports were up for a second consecutive month in May. The growth was mainly driven by strong sales to Southeast Asia.
China's customs authorities said on Friday the monthly value of exports increased 7.6 percent in dollar terms compared to a year ago. Electric vehicles and home appliances were particularly strong.
Imports grew slightly, rising 1.8 percent year-on-year. The uptick was led by an increase in chip purchases.
Domestic demand is sluggish in China due to the effects of a prolonged property slump and tough job market. Exports are expected to drive economic growth.
But there are concerns in the US and Europe about the low prices of Chinese EVs due to overproduction. Government responses to this situation could weigh on China's export figures in the future.
China's customs authorities said on Friday the monthly value of exports increased 7.6 percent in dollar terms compared to a year ago. Electric vehicles and home appliances were particularly strong.
Imports grew slightly, rising 1.8 percent year-on-year. The uptick was led by an increase in chip purchases.
Domestic demand is sluggish in China due to the effects of a prolonged property slump and tough job market. Exports are expected to drive economic growth.
But there are concerns in the US and Europe about the low prices of Chinese EVs due to overproduction. Government responses to this situation could weigh on China's export figures in the future.
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Summary
China's exports grew by 7.6% in May compared to last year, primarily due to strong sales to Southeast Asia, with electric vehicles and home appliances seeing significant increases. Imports increased by 1.8%, boosted by chip purchases. However, domestic demand remains sluggish due to a property
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ID: 655cdf72-cc61-4db9-8c4c-c87addfb691d
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20240607_20/
Date: June 7, 2024
Created: 2024/06/09 07:00
Updated: 2025/12/08 13:19
Last Read: 2024/06/09 07:18