中国5月稀土出口量环比增近23%，大豆进口量环比增129%，煤炭和石油进口量下降

Core Insights - In May, China's imports decreased by 2.1% year-on-year, while exports increased by 6.3% year-on-year, indicating a mixed trade performance [1] - Notably, rare earth exports surged by 22.57% month-on-month, reaching a one-year high of 5,864.6 tons [1] Import and Export Performance - Major exports in May included: - Aquatic products: 37.2 million tons, up 7.83% year-on-year and 6.29% month-on-month [2] - Rare earth: 5,864.6 tons, down 5.67% year-on-year but up 22.57% month-on-month [2] - Steel: 1,057.8 million tons, up 9.83% year-on-year and 1.11% month-on-month [2] - Integrated circuits: 301.1 billion units, up 19.15% year-on-year but down 2.49% month-on-month [2] - Automobiles: 69.5 million units, up 22.14% year-on-year and 12.10% month-on-month [2] - In the first five months of the year, exports of integrated circuits, automobiles, and aquatic products increased by 19.5%, 16.8%, and 12.9% respectively [3] Import Trends - Significant increases in imports were observed for: - Soybeans: 1,391.8 million tons, up 36.16% year-on-year and 128.88% month-on-month [4][5] - Integrated circuits: 501.9 billion units, up 9.95% year-on-year and 0.24% month-on-month [5] - Copper ore and concentrates: 239.5 million tons, up 5.79% year-on-year [4] - Conversely, imports of coal and refined oil saw significant declines, with coal down 17.75% year-on-year and refined oil down 30.23% year-on-year [4][5] Price and Volume Analysis - In the first five months, the average import price for major commodities like iron ore, crude oil, and coal decreased significantly, while the import volume for most commodities showed a decline [10][12] - The average price for crude oil was 3,864.3 yuan per ton, down 10.6% year-on-year [12]