China’s exports rose by 6.3 percent in May, reaching 2.28 trillion yuan ($318 billion), showcasing the nation’s economic resilience amid global trade pressures. The latest data from the General Administration of Customs indicates that total goods trade amounted to 17.94 trillion yuan ($2.5 trillion) in the first five months of 2023, marking a 2.5 percent increase from the previous year.
In May alone, imports and exports grew by 2.7 percent to 3.81 trillion yuan ($530 billion). Trade with key partners saw significant gains, with exports to the Association of Southeast Asian Nations (ASEAN) and the European Union (EU) jumping 16.9 percent and 13.7 percent, respectively.
Notably, trade between the Chinese mainland and Africa reached a record high. The January-May period saw trade totaling 963.2 billion yuan (over $134 billion), up 12.4 percent. Exports to Africa soared by 20.2 percent, with May alone witnessing a remarkable 35.3 percent increase, underscoring strong demand for Chinese goods.
Foreign-invested enterprises contributed significantly, accounting for 29 percent of the Chinese mainland’s total foreign trade. Their imports and exports rose 2.3 percent in the first five months, with May seeing a 4 percent increase. Meanwhile, exports of high-tech manufactured goods remained robust, with electric vehicle shipments up 19 percent and industrial robot exports surging 55.4 percent.
The latest trade figures reflect the Chinese mainland’s economic strength and its growing ties with emerging markets like Asia and Africa, which are playing an increasingly vital role in sustaining growth.
