According to the CITIC Securities Research Report, the export growth rate in May fell 3.3 percentage points to 4.8% from the previous value due to the decline in export orders in April, and the high base for the same period last year, the export growth rate in May this year fell 3.3 percentage points to 4.8% from the previous value, slightly lower than market expectations. By country and region, China's exports to the African and US markets maintained a high growth rate in May, which may indicate that foreign trade enterprises continued to “grab exports” in May. However, due to the decline in export orders to the US in April and the US line capacity gap still existing in May, the growth rate of exports to the US fell more than the previous value in May. Judging from the export commodity structure, the semiconductor industry chain, automobile industry chain, machinery and transportation equipment had a significant impact on exports in May. On the import side, the decline in the import growth rate widened in May 2025. Structurally, the growth rate of imports from the US and the growth rate of imports of major commodities declined, and the semiconductor industry chain continued to “grab imports.” Looking back, the export behavior of China's foreign trade enterprises depends more on expectations of the Sino-US negotiations. It is a reminder to pay attention to the actual progress of Sino-US economic and trade negotiations and changes in the pace of foreign trade companies' export rush. With the recovery of export orders in May and if shipping companies' capacity adjustments are in place in June, we determine that the export growth rate in June may be able to pick up from May.

According to the CITIC Securities Research Report, the export growth rate in May fell 3.3 percentage points to 4.8% from the previous value due to the decline in export orders in April, and the high base for the same period last year, the export growth rate in May this year fell 3.3 percentage points to 4.8% from the previous value, slightly lower than market expectations. By country and region, China's exports to the African and US markets maintained a high growth rate in May, which may indicate that foreign trade enterprises continued to “grab exports” in May. However, due to the decline in export orders to the US in April and the US line capacity gap still existing in May, the growth rate of exports to the US fell more than the previous value in May. Judging from the export commodity structure, the semiconductor industry chain, automobile industry chain, machinery and transportation equipment had a significant impact on exports in May. On the import side, the decline in the import growth rate widened in May 2025. Structurally, the growth rate of imports from the US and the growth rate of imports of major commodities declined, and the semiconductor industry chain continued to “grab imports.” Looking back, the export behavior of China's foreign trade enterprises depends more on expectations of the Sino-US negotiations. It is a reminder to pay attention to the actual progress of Sino-US economic and trade negotiations and changes in the pace of foreign trade companies' export rush. With the recovery of export orders in May and if shipping companies' capacity adjustments are in place in June, we determine that the export growth rate in June may be able to pick up from May.