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Increased by 52.9%

The General Administration of Customs of the People's Republic of China announced the cumulative import and export data for May and January to May this year. The main information related to some furniture exports is as follows (priced in RMB):

The export value of furniture and its parts in May was 40.92 billion yuan, an increase of 1.21% from March; the cumulative export value from January to May was 186.63 billion yuan, an increase of 52.9% over the same period in 2020 (year-on-year).

In addition to furniture, exports of lamps, lighting devices and their parts from January to May were 113.35 billion yuan, an increase of 54.3% year-on-year; ceramics were 69.9 billion yuan, an increase of 41.7% year-on-year. The export value of textiles showed a negative growth. From January to May, the export value of this category was 364.48 billion yuan, a year-on-year decrease of 10.3%.

From January to May, the cumulative export value of related products in the four categories of furniture, lamps, lighting devices and parts, ceramic products and textile products was 734.36 billion yuan, an increase of 27.9% from the cumulative data from January to April.

It has been growing for a year in a row

In the first five months of this year, the total value of China's trade goods imports and exports was 14.76 trillion yuan, a year-on-year increase of 28.2% and an increase of 21.6% over the same period in 2019. Monthly imports and exports have shown a growth trend for the first consecutive year. Among them, exports were 8.04 trillion yuan, an increase of 30.1% year-on-year, and an increase of 23.6% year-on-year; imports were 6.72 trillion yuan, an increase of 25.9% year-on-year, and an increase of 19.2% year-on-year; the trade surplus was 1.32 trillion yuan, an increase of 56.2 year-on-year %.

my country's imports and exports to ASEAN, EU, US, and Japan were 2.19 trillion yuan, 2.06 trillion yuan, 1.82 trillion yuan, and 969.79 billion yuan, respectively, up 29.2%, 28.7%, 41.3% and 14.9% year-on-year. Among them, ASEAN is my country's largest trading partner, with the highest growth rate in trade with the United States. In the same period, my country's imports and exports with countries along the “Belt and Road” totaled 4.36 trillion yuan, a year-on-year increase of 27.4%.

Export growth slowed in May

Zhixin Investment Research Institute believes that multiple factors have led to a slowdown in export growth in May:

◎The rise in commodity prices and raw material prices have caused the production costs of export companies to rise, affecting their export production;

◎The appreciation of the renminbi, the appreciation of the renminbi against the U.S. dollar caused a decline in the international competitiveness of some export products, affecting their export share;

◎Labor supply is tight, facing the shortage of labor supply, and the rising cost of manufacturing enterprises. The difficulty in employment of enterprises is increasing, which affects their production and manufacturing capabilities;

◎International shipping prices have soared and the global epidemic has recovered as a whole, but some parts are still greatly affected, resulting in tight container supply, increasing supply and demand gaps and increasing international shipping prices, reducing the willingness of export companies to accept orders.