Chinese export growth slows in May despite tariff truce with US

Chinese exports rose less than expected last month as a drop in shipments to the US counteracted strong demand from other markets.Exports rose 4.8% from a year ago to $316 billion in May, slower than the 6% median growth forecast in a survey of economists. Imports fell 3.4% for a third straight month of declines, leaving a trade surplus of $103 billion, according to official data Monday.

The growth in exports will continue to support the economy, with the record trade surplus of almost half a trillion dollars so far in 2025 a boost to companies facing weak demand at home. In the second half of the year, however, China could face a drag on growth should risks to global trade materialize.
The US is threatening to raise tariffs on many countries from early July and on China from August. That could slash demand for Chinese products destined directly for the US and also used as inputs into other nations’ manufactured goods.Even if China and other nations are able to strike a deal with the Trump administration, demand from the US and elsewhere might still weaken as companies slow down their frantic purchasing aimed at beating the tariffs.

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