Recently, the latest foreign trade statistics released by the General Administration of Customs of China in May showed that Chinas gross value of imported and exported goods was $5011.91 billion, down 6.2% compared to the same year. of which the gross value of exports was $2834.99 billion, down 7.5% compared to the same year; the gross value of imports was $2176.92 billion, down 4.5% compared to the same year; the trade surplus was $658.07 billion, narrowed by 16.1% compared to the same year.

The weak global economy and poor consumption have caused exports to decline, including in South Korea, Vietnam, India and other countries, with Vietnam falling 18.4 percent in comparison with exports in May, 11 percent in comparison with exports in May and 15.2 percent in comparison with exports in Korea in May.

Chinas trade with major trading partners
In the past five months, Chinas gross import and export value to the EUs second-largest trading partner fell by 3.7% to $33.17 billion, while Chinas gross import and export value to the USs third-largest trading partner fell by 12.3% to $274.4 billion, and the gross import and export value to Japan and South Korea fell by 10.4% and 15.5% respectively to $1312.6 billion and $128.8 billion.

Reasons for Export Growth
In May, Chinas export growth rate shift, behind the main three reasons: one is the decline of overseas economic growth momentum, especially the decline in the growth rate of developed economies such as the United States and Europe, the current overall external demand is weak; the second is that after the peak of the epidemic in May last year, Chinas export growth rate has risen significantly, which will also reduce the level of growth compared to exports in May this year; the third is that in recent years, Chinas exports in the United States market share has fallen faster, US imports have shifted more to Europe and North America.

Despite the changes in the global trade environment and the pressure of exports, it is worth noting that Chinas automotive exports are increasing, especially new energy vehicles have become the worlds major exporters.

The National Economic Research Center of the University of Beijing believes that with the continued strength of stable economic policies, import demand or some recovery.In the context of global trade environment changes, how Chinas foreign trade situation will develop, it is worth our continued attention.