Total imports and exports reached 16.77 trillion yuan (US$2.44 trillion) in the period, up 4.7% from a year earlier, according to data released by the General Administration of Customs on Wednesday.
Exports rose 8.1% year on year to 9.62 trillion yuan, while imports increased 0.5% to 7.15 trillion yuan.
In May alone, foreign trade rose 0.5% year on year to 3.26 trillion yuan.
The customs authority said the growth in foreign trade was supported by the country’s strong economic recovery and the continued expansion of overseas markets.
However, it also noted that the global economic recovery is still facing some uncertainties, such as the ongoing Russia-Ukraine conflict and the rising inflation.
The customs authority said it will continue to work with relevant departments to promote the steady growth of foreign trade.
Here are some additional details about the data:
- The growth in exports was driven by strong demand from major markets, such as the United States, Europe and the Association of Southeast Asian Nations (ASEAN).
- The growth in imports was supported by the country’s continued economic recovery and the need to replenish domestic supplies.
- The growth in foreign trade in May was slower than in the previous four months, but it was still positive.
- The customs authority expects foreign trade to continue to grow in the second half of the year, but it will face some challenges from the global economic slowdown.
