The latest official data indicates that the total value of China’s net exports was 10.76 billion yuan for the first five months of 2017.
According to data from China’s customs authorities this figure marks an increase of 19.8% compared to the same period last year, with exports rising 14.8% to 5.88 trillion yuan and imports surging 26.% to 4.88 trillion yuan.
China’s trade surplus was for the first five months of the year was 994 billion yuan, for a year-on-year contraction of 21.1%.
In the month of May China’s net exports were 2.35 trillion yuan for year-on-year growth of 18.3%. Exports were worth 1.32 trillion yuan for growth of 15.5% while imports were worth 1.03 trillion yuan for growth of 22.1%. The trade surplus was 281.6 billion yuan, contracting 3.4%.
China’s exports to developed economies posted strong growth over the first five months of the year.
The total value of trade with the EU, China’s biggest trading partner, rose 16.1% to 1.6 trillion yuan, accounting for 14.8% of China’s total overseas trade. China’s exports to the EU increased 14.6% to 963.71 billion yuan, while imports from the EU increased 18.4% to reach 631.9 billion yuan, for a trade surplus increase of 8% to 331.81 billion yuan.
The total value of trade with the US, China’s second biggest trading partner, increased 21.1% to reach 1.51 billion yuan, comprising 14% of China’s overseas trade.
China’s exports to the US increased 18.3% to reach 1.08 trillion yuan, while imports surged 28.5% to reach 435.01 billion yuan, for a 12.2% rise in the trade surplus to 649.41 billion yuan.