China's exports in May rose up to 7.5%

 According to the latest China import export data, Chinese exports grew by 7.5% during May 2024. That is very promising growth after the expected 6% growth. Cars and Integrated circuits were among the top gainers in terms of China's exports.  Whereas, rare earth metals, cellphones and fertilizers exports declined significantly in May. 

China export data suggests around $302 billion worth of exports during May 2024. Compared to $292 billion worth of exports during April, there was a $10 billion rise in China's exports in May 2024. China’s car exports shipments went up by 16.8% during May. Whereas the integrated circuits exports rose up to 28%.

In terms of hi-tech products exports, there was a rise of 8% and ships exports showed 58%  growth during May. There was a formidable rise in the exports of furniture, plastic products, and aluminium from China. In May 2024, China's agricultural products exports were estimated to be $8.56 billion. Petroleum products exports were $4 billion. 

Mechanical and Electrical products were the biggest exports of China. In May, these exports totaled to be $176 billion. Whereas, Automatic data processing equipment exports were recorded to be $16 billion. In terms of integrated circuits exports, over 252 pieces were exported in May with worth $12 billion whereas motor vehicles exports were $10 billion. 

In the textiles and garments sectors the overall exports of China were $25 billion. China’s other significant exports were furniture ($6.24 billion), Footwear ($4 billion), Plastics ($9 billion) and fertilizers ($259 million). The United States was the leading market for Chinese exports showing 3.5% growth in May. Whereas exports to Russia fell by 2%. 

In May 2024, China's exports to the USA hit a record $44 billion. Vietnam ($14 billion), Japan ($12 billion), South Korea ($12 billion), Germany ($8.6 billion), Malaysia ($8.2 billion) and Thailand ($7.6 billion). Whereas per China import data, the overall imports were estimated to be $2.19 billion in May 2024. South Korea was the biggest supplier of goods to China with exports worth 15 billion. After the United States, South Korea ($13.2 billion), Japan ($12 billion), Australia ($12 Billion) and Russia ($10 billion) were other notable suppliers to China.

According to China customs data, the total exports from January to May, 2024 were recorded to be $1.33 billion. The Chinese government is more focused on increasing its contracting exports to the United States and European countries. Whereas, Latin American countries showed positive 8% growth for China's exports. South Asian countries are the major markets for Chinese exports with 17% growth in May 2024. Importers and Exporters from China can better their sales through global import export data providers assistance.

Their brief market intelligence reports could help Chinese companies to discover verified active import export companies from the global market and boost their sales. Also, it helps companies to keep a regular eye on the latest shipment activities of their prospects so that they can make better business decisions regarding price and product planning. It is the most effective way to extend exports to the diverse European and African countries.