Trade

Chinese exports defy global instability: +19.4% in May. Boom towards the US

Record takings as global companies stock up for hi-tech needs. US grows again but also Japan, Korea, Taiwan

by Rita Fatiguso

9 June 2026

2' min read

Translated by AI

Versione italiana

Key points

The stock strategy
Resilience on final destinations
The Diplomatic Turn

2' min read

Translated by AI

Versione italiana

China's import-export continues to post record performances.

Not even the ups and downs of the war in the Middle East are able to stop the Chinese export machine, which increased by 19.4 % year-on-year in May, reaching an all-time high of USD 376.78 billion in May 2026.

The stock strategy

Moral: the results far exceeded forecasts that set the potential May figure at 15%, accelerating sharply from April's 14.1% increase.

In the first five months of the year, total exports increased by 15.5% year-on-year to USD 1.71 trillion.

Cina, crescita del Pil a + 5% ma è la più bassa da vent'anni

It was actually the fastest increase since February, as companies continued to build inventories in anticipation of the risk of energy price pressures stemming from the ongoing war in the Middle East, with persistent demand for semiconductors and AI hardware pushing on exports.

Resilience on final destinations

The Chinese system has shown exceptional resilience in recent months, creating a kind of progressive adaptation to new landing spots or new product ranges demanded by international markets.

The situation has changed in recent weeks, the turnaround is also evident among trading partners, as outbound shipments have increased to Japan (10.9%), the USA (35.4%), Australia (23.6%), South Korea (42.1%), Taiwan (32.2%), the European Union (7.6%) and ASEAN countries (24.3%).

The President Donald Trump's visit to China certainly played a role in turning the US market around.

The diplomatic turn

In line with the informal agreement reached in October 2025, the Chinese customs administration's figures following the US President's visit to Beijing in May impact the goal of easing tensions between the world's two largest economies, which are in crisis after months of bitter trade war.

During the period under review, not surprisingly, increases in export volumes were recorded for rare earths (2.2%), pharmaceuticals (7.6%), fertilisers (11.9%), unprocessed aluminium and aluminium products (10.4%) and integrated circuits (8.7%), while volumes for refined petroleum (-12.0%), shoes and boots (-5.7%) and steel (-8.1%) decreased.

Especially rare earths, pharmaceuticals, fertilisers, as is well known, are at the centre of fluctuating disputes that have divided the two blocs over export restrictions imposed from time to time.