China’s exports in May grew at the fastest pace in over a year, despite ongoing trade tensions with the West. According to the Associated Press, Washington, which has labelled China a national security threat, has increased tariffs on Chinese-made electric cars. Europe is also considering similar measures.
Customs data released on Friday showed China’s exports jumped 7.6% to $302.35 billion in May from the same month last year. This is the fastest pace of growth since April 2023. Meanwhile, imports rose by 1.8% to $219.73 billion, missing the estimated 4% growth.
Exports grew by 1.5% in April
In comparison, exports grew by 1.5% in April year-over-year, while April imports rose by 8.4%. The robust export performance widened China’s trade surplus to $82.62 billion, up from April’s $72.35 billion.
West accuse China of flooding EV markets
China is facing accusations from the US and the European Union of overproducing and flooding overseas markets with cheap electric vehicles. Both have worked to impose tariffs on such vehicles. Meanwhile, China is also concerned that duties imposed on its EVs would reduce exports amid weakening demand at home.
