The General Administration of Customs released the latest data on the 7th, the first five months, China’s trade in goods import and export value of 17.5 trillion yuan, an increase of 6.3%. Among them, the import and export of 3.71 trillion yuan in the month of May, the growth rate than in April increased by 0.6 percentage points to 8.6 per cent.

From the first quarter fluctuations, to April and May month by month better, this year, China’s foreign trade out of a rebound curve.

In this regard, the Director of the Statistics and Analysis Department of the General Administration of Customs said that the continued consolidation of the growth momentum of foreign trade is closely related to the sustained rebound of China’s economic performance. Driven by the good export momentum of high-end, intelligent and green products and the steady expansion of import scale, the monthly growth rate of import and export further accelerated.

This rebound curve reflects the increased competitive advantage of “Made in China”. Under the complex external environment, although the growth of foreign trade is facing with more uncertain factors, China’s advantageous products are upgrading “quality” to “new”. This rebound curve reflects the huge Chinese market full of opportunities; It also reflects that thousands of foreign trade subjects dare to fight and break through.

Overall, global trade as a whole has continued its slow recovery since the fourth quarter of 2023, the World Trade Organization and the International Monetary Fund have predicted improved prospects for global economic growth in 2024.

Industry insiders believe that targeted solutions to the difficulties faced by foreign trade enterprises should be implemented. On the one hand, continuous organization of enterprises to participate in overseas exhibitions and visits for negotiation and investigation should be strengthened to enhance “exploration and innovation capacity,” and new driving forces such as service trade, digital trade, and cross-border e-commerce exports should be nurtured. On the other hand, efforts should be made to step up the warning and response to economic and trade frictions, helping enterprises to guard against risks, resolve disputes, and safeguard their legitimate rights, thus enabling enterprises to reduce costs and increase efficiency, enhance their international competitiveness.

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