China’s exports picked up pace in May, rising 19.4% from a year earlier, its customs agency said Tuesday, as technology-related shipments remained robust despite impacts from the Iran war.
Imports in May jumped 27.4%, also at a faster pace compared with April’s 25.3% year-on-year expansion.
Exports to the U.S. in May surged more than 35% from the year before — the strongest pace since early 2021 — after an 11% increase in April.
“Ships, chips, autos, and batteries continue to find strong demand amid the global tech boom, and higher prices along the tech supply chain have helped support the value growth for trade,” said Lynn Song, chief economist for Greater China at Dutch bank ING.
Advanced semiconductors and EV shipments are likely to help power China’s export growth for the rest of this year, Li of BNP Paribas said.
