China’s trade surplus with US expands to 1.02 trillion yuan Jan-May, exports growth slows

China’s trade surplus with the US continued to expand in May, data from the Chinese customs showed, another reflection of the appeal of China-made products to US markets despite external challenges such as China’s coronavirus crisis and the tottering China-US relations.

In the first five months of this year, China-US trade amounted to 2 trillion yuan ($299 billion), up 10.1 percent year-on-year, ac-cording to customs data released on Thursday.

China’s exports to the US rose by 12.9 percent to 1.52 trillion yuan from January to May, down from 49.3 percent in the first four months.

During this period, China’s trade surplus to the US reached 1.02 trillion yuan, up 19 percent on a yearly basis.

The trade surplus also expanded from a level of 654 billion yuan in the first four months of this year, according to the customs data.

The US is China’s third largest trading partner now.

In a previous press conference, National Bureau of Statistics spokesperson Fu Linghui said that China’s stable domestic production has filled the global supply gap, while China’s increasing innovation is also meeting new demands of global customers.

US president Joe Biden is considering scrapping some tariffs imposed by previous US president Donald Trump’s administration on Chinese goods, according to a report by Reuters.

Source: Global Times

You might also like