5月进出口数据点评：出口持续回暖，东盟市场贡献显著

Export Performance - In May 2024, China's export value reached $302.35 billion, a year-on-year increase of 7.6%[8] - Major trade partners like ASEAN and Hong Kong saw significant export growth, with ASEAN up 22.51% and Hong Kong up 10.24%[11] - The share of electromechanical products in exports is nearly 60%, with integrated circuits and mobile phones showing strong performance, recording increases of 28.47% and 8.13% respectively[25] Import Trends - In May 2024, China's import value was $219.73 billion, a year-on-year increase of 1.8%[8] - Imports of unrefined steel and copper maintained high growth rates of 29.18% and 17.34% respectively, while imports of crude oil and soybeans saw significant declines[30] - The trade surplus for May was $82.62 billion, an increase of $10.27 billion from the previous month[8] Market Outlook - The overall trade data for May indicates a sustained high level of export activity, supported by resilient external demand as reflected in the PMI of major economies[55] - The manufacturing sector is expected to continue its upward trend as developed economies enter a restocking phase and a cycle of interest rate cuts begins[55] - Risks include potential slower-than-expected recovery in major overseas economies and increasing geopolitical uncertainties[33]