China’s export growth accelerated in May, buoyed by robust demand for chips, autos and other high-tech goods fuelling the global AI boom, reports Reuters. The growth has provided policymakers some relief as energy price shocks from the Iran conflict weigh on broader demand.
Exports expanded 19.4% from a year earlier in US dollar value terms, customs data showed on Tuesday, outpacing the 14.1% gain in April and a 15% rise tipped by economists.
“Chip price increases continue to support exports, with memory prices rising 20% month-on-month, pushing integrated circuit export growth to 111% for the month,” said Xing Zhaopeng, ANZ’s senior China strategist. China’s exports of automated data processing equipment soared 66.1% in value terms year-on-year, high-tech products rose 50.9% and shipments of cars jumped 39%, the data showed.