Exports, which increased by 8.1% in April, slowed down in May. The impact of the tariff showdown between the two countries continued to be felt in this slowdown.
In the same period, China's imports decreased by 3.4% y/y to USD 212.9 billion, while the foreign trade surplus was recorded as USD 103.2 billion.
A sharp decrease in exports to the US
China's exports to the US in May decreased by 34.5% compared to the same period last year. This decline was sharper than the 21% decrease recorded in April. On the other hand, China's exports to the Association of Southeast Asian Nations (ASEAN) countries increased by 14.8%, but fell short of the 20.8% increase in April.
While China's exports increased by 2.3% in January and February, exports increased by 12.4% in March due to pre-shipments made in anticipation of the US tariff hike. In April, despite all the pressures, it signaled resistance with an increase of 8.1%.
Tariff negotiations continue in London
A new round of trade negotiations between the US and China begins today in London, the capital of the UK. The US delegation will be led by Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick and Trade Representative Jamieson Greer, while the Chinese delegation will be represented by Vice Premier He Lifeng.
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