Exports to the Asean bloc up 22.5 per cent in value, the highest growth rate in over a year.
Exports are expected to be a growth engine for China this year, which has set a GDP target of 5 per cent.
This surpassed economists’ median forecasts of 6 per cent in a Reuters poll, and vastly improved on April’s 1.5 per cent growth, as well as May 2023’s performance, which saw a 7.5 per cent year-on-year contraction. Acting against a proliferation of low-cost Chinese goods said to be disadvantaging their manufacturers, the US will hike tariffs on Chinese exports including electric vehicles , lithium-ion batteries, steel and aluminium from August, while the European Union will soon announce the results of a probe that could raise levies on Chinese EVs.
Exports to the US, China’s third-largest trading partner after Asean and the EU, grew 3.6 per cent year on year in May, after two consecutive months of declines. Mechanical and electrical products made up more than half of China’s exports in May. Of these, vehicles, integrated circuits, household appliances and ships saw double-digit growth in the first five months of 2024. China’s export of home appliances from January to May in 2024 rose 24.6 per cent by volume, but 14 per cent by value.
DBS economist Samuel Tse said the impact would be manageable in the near term, with the Chinese goods subject to the new US tariffs making up just 4.2 per cent of China’s overall exports to the US, or 1 per cent of China’s total exports.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US revokes some licenses for exports to China's HuaweiWASHINGTON: The United States has revoked certain licenses for exports to Chinese tech giant Huawei, the Commerce Department said, drawing opposition from Beijing on Wednesday (May 8).
Read more »
China's car exports hit record high in April, as domestic sales fallBEIJING: China's car exports surged to a record high in April, data showed on Friday (May 10), as domestic sales slipped 5.8 per cent from a year earlier amid intensifying price competition and consumers' caution about spending on big items during a shaky economic recovery.
Read more »
China risks trade war on two fronts as low-tech exports also soarChina’s surplus in manufacturing trade points to a much broader surge in exports.
Read more »
US tariffs on Chinese EVs have more bark than biteThe tariffs target just 4.2 per cent of China’s total exports to the US.
Read more »
Assoc Prof Eduardo Araral on ASEAN centrality amid China-Philippines maritime tensionsIn his keynote address at the Shangri-La Dialogue in Singapore, Philippine President Ferdinand Marcos Jr said the rivalry between China and the US is "constraining choices, exacerbating flashpoints and creating new security dilemmas" for Southeast Asian nations.
Read more »
SQ321 flight turbulence may leave survivors with trauma; recovery may take months or years: ExpertsHow long it takes to recover from the trauma will depend on the individual.
Read more »