&imwidth=800&imheight=600&format=webp&quality=medium "China exports surge 19.4% in May as AI, EV and tech demand offset West Asia war risks")
China's export pace peaked in May despite the bottleneck due to the war in West Asia. The overall export growth for May was at 19.4 per cent at $376.78 billion from a year, compared to the 14.1 per cent growth of April, surpassing the projected growth of 15 per cent. The AI-related technology export made up the largest growth; high-tech exports grew by 50 per cent in May compared to a year ago.
Tech demands keep China's exports high
Analysts predict the war in West Asia and the resulting energy crisis, projecting the demand for clean technology such as green tech and EV-related products. “The war is boosting demand for green exports, such as electric vehicles, batteries, solar products, and AI-related technology goods,” said Sheana Yue, senior economist at Oxford Economics.
While exports grew at a faster pace, imports also jumped for the month at 27.4 per cent compared with April's 25.3 per cent year-on-year expansion. The massive export growth and the relatively slower import growth widened China's total monthly trade surplus to an unexpected $105.43 billion. Exports to the US in May surged by more than 35 per cent from the year before, after an 11 per cent increase in April.
Key performers are integrated circuits (ICs), which surged by 111 per cent, the most since 2013; computer and parts surged by 66 per cent, total high-tech exports jumped by 50.9 per cent, automatic data processing machines by 66 per cent, mobile phones by 44.3 per cent, autos by 39.3 per cent, and ships by 31 per cent. The major export destinations include the US, ASEAN countries, South Korea and Russia.
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China is the biggest importer of crude oil, but its import volume has dropped drastically. In May, crude oil import volume dropped by -29 per cent YoY. While import values rose 10.0 per cent YoY. China's large oil reserves afford it more flexibility to adjust imports strategically. Still, the import growth is driven mostly by technology imports rather than energy imports.
A recent Federal Reserve paper reported that China's global trade surplus has topped 1 per cent of global GDP. Western regulators have warned about China Shock 2.0, as subsidised Chinese technology floods the world market, alleging that massive state subsidies account for roughly 60 per cent of Chinese firms' recent international market gains.
