China Trade K-Shaped Development

China's trade surplus reached a four-month high in May 2026, driven by strong value growth in electronic integrated circuits despite falling crude oil import volumes. Trade relations with the US are showing recovery, though EU trade friction remains a significant risk.

Key Takeaways

• 1.May trade surplus rose above USD100bn, reaching a four-month high despite higher import growth.
• 2.K-shaped development observed in energy and electronic circuits, where high-value exports of circuits surge, while crude oil volumes continue to decline.
• 3.China-US trade shows signs of recovery, with exports and imports both rising in May.

Table of Contents

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• China trade: K-shaped development
• Highlights of the data
• What to watch

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