1-5月进出口数据点评：“扩内需”的紧迫性仍然较高

Export Data Summary - From January to May, China's exports increased by 6.0% year-on-year, while imports decreased by 4.9%, resulting in a trade surplus of $471.89 billion[2] - In May alone, exports grew by 4.8% year-on-year, but this was a decline of 3.3 percentage points compared to the previous month[2] - The trade surplus for May was $103.22 billion, an increase of $7.04 billion from the previous month[2] Regional Contributions - ASEAN and EU contributed positively to China's export growth in May, with contributions of 2.5 and 1.8 percentage points, respectively[2] - Exports to the US saw a significant decline, with a year-on-year drop of 34.5%, contributing negatively by 5.0 percentage points to overall export growth[2] Product Performance - Key export products such as integrated circuits and general machinery maintained strong growth, with year-on-year increases of 17.5% and 8.2%, respectively[4] - Despite overall export growth, there was a noted "price for volume" situation in categories like footwear, steel, and automotive products, indicating weak industrial demand[3] Economic Outlook - The urgency for "expanding domestic demand" remains high due to weak internal demand and price stagnation, which may negatively impact corporate profitability[3] - Risks include the potential for intensified economic recession in Europe and the US, as well as increasing complexity in international relations[3]