Beijing increases trade with Washington
In May, the total trade between China and the world amounted to $538 billion, an increase of more than 11 percent when compared with May 2021; this increase clearly shows Beijing's leadership in global trade and exports continues despite the impact of strict anti-pandemic measures within China.
On a cumulative basis, the total trade volume in the first five months of 2022 was $2.515 billion, an increase of 10.3 percent when compared to the same period of the previous year according to the latest data published by the Chinese customs authorities. Exports from January to May 2022 amounted to $1.4 trillion, up 13.5 percent, and in May alone, exports grew by about 17 percent to $308 billion.
In relation to the import data, there are various trends can be observed; trade with Russia resulted in an 80% increase in May for imports from Moscow to Beijing, with China being one of the main buyers of Russian natural resources and agricultural products.
Sino-Russian economic relations are growing, due in part to Western measures that have prompted Russia to relocate its supply chain to Asia, where out of 48 countries only Singapore, Japan and South Korea have joined the international sanctions on Russia.
The 10 ASEAN countries of the Association of Southeast Asian Nations have maintained their role as a leading trading partner with Chinese exports increasing by 26 percent to a value of $49.3 billion, of the group Indonesia had the fastest growth increasing trade with China by 39.4 percent.
European trade with China is that most affected by the ongoing war, with a reduction in Chinese imports from the EU of 9 percent and a decrease of 19.1 percent in the import of Italian products into China. In light of ongoing talks with the United States regarding the removal of certain tariffs, in May 2022 imports from Washington increased by 21.2 percent compared to a value of $ 15.9 billion, marking a new trend for business relations between Beijing and the United States.