According to the latest statistics released by the General Administration of Customs, after a few months of weak import and export, China’s foreign trade is showing signs of recovery in May. Among them, exports and imports in May rose 15.3% and 12.7%, respectively, to 181.14 billion US dollars and 162.44 billion US dollars, not only exceeded market expectations, but also hit a new monthly high. Since the beginning of the year, China’s foreign trade situation has been worrying due to the impact of the weak external economy and the lack of domestic consumption power. In April this year, the growth rate of imports has seen a rare zero growth in recent years. However, driven by the stabilization of the US economy, China’s foreign trade entering the second quarter seems to be picking up. Li Jin, the deputy minister of the Ministry of Commerce, revealed at the press conference on the preparations for the China-Asia-Europe Expo at the end of last month that the foreign trade situation in early May has shown signs of improvement. He said that this makes us more confident in achieving the 10% growth target for this year's trade. According to customs statistics, China’s total import and export value in May was 343.58 billion U.S. dollars, a year-on-year increase of 14.1%. The import and export volume of the month was set to record a record set in November last year. In the first five months of this year, China’s total import and export value was US$1,510.89 billion, an increase of 7.7% over the same period last year. Among them, exports were 774.4 billion US dollars, an increase of 8.7%. Imports were 736.49 billion US dollars, an increase of 6.7%, and the accumulated trade surplus was 37.91 billion US dollars. As the export growth rate continued to be higher than that of imports, the trade surplus in May was at a relatively high level, reaching 18.7 billion U.S. dollars, a slight increase of 270 million U.S. dollars, a year-on-year increase of 5.7 billion U.S. dollars, an increase of 43.85%.
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