China's total import and export value in May decreased by 9.7% year-on-year. Please pay attention to LED lighting companies

China's monthly total import and export value has dropped year-on-year.% LED lighting companies, please pay attention. Under the background of the current economic recovery in developed countries and the slowing pressure of RMB appreciation, exports may be weakly stabilized. However, due to the continued slowdown in global economic growth, the weak stabilization of exports will make very limited contribution to economic stabilization. In addition, the weakening of imports is temporarily difficult to reverse. Under the recent loose policies, the recovery of import demand is not stable, investment continues to remain weak, and it is difficult to drive the recovery of production, and imports may continue to remain weak. On January, the General Administration of Customs of China released my country’s foreign trade import and export data for the previous months. According to statistics, in the first month of this year, my country's total import and export value was. Trillion yuan, a decrease of .% over the same period last year (the same below). Among them, the total export value was. Trillion yuan, an increase of .%; the total import value was. Trillion yuan, a decrease of .%; the trade surplus was .trillion yuan, an increase of twice. The total value of imports and exports in the month was .trillion yuan, a decrease of .%. Among them, the total export value was .trillion yuan, a decrease of .%, and the rate of decline continued to narrow by a percentage point from the previous month; the total import value was 100 million yuan, a decrease of .%; It is reported that the total import and export value of Guangdong, Jiangsu, Shanghai, Zhejiang, Beijing, Shandong, and Fujian accounted for .% of China's total import and export value, a drop of percentage points from the same period last year, and the proportion of import and export decreased. The export growth rates of Henan and Hubei in the central and western regions were respectively .% and .%. In addition, it can be seen from the chart that the proportion of China's private enterprises' imports and exports increased in the first few months, and at the same time, the export of traditional labor-intensive products increased. Stabilization of external demand and weak domestic demand After entering the second quarter, the economic recovery momentum of developed countries has strengthened. The PMI of the US manufacturing industry has climbed from a monthly .% to a monthly. rise.%. In the weak and stable environment of the European economy, the decline in China's exports to the EU has narrowed, and the decline in exports to Hong Kong has also narrowed slightly, from a month-on-year decline of .% to a month-on-year decline. Everbright Securities ** economist Xu Gao said that the recent slowdown in the appreciation of the U.S. dollar has eased the pressure on the appreciation of the renminbi, which has given some support to exports. In the context of economic recovery in developed countries and the slowdown in the pressure of RMB appreciation, exports may show a weak stabilization state, while continued weakness in imports indicates a slowdown in domestic demand and further downward pressure on the economy. It is worth noting that under the background of stabilizing external demand and weak domestic demand, the trade surplus has expanded again. The monthly trade surplus climbed from 100 million U.S. dollars a month to 100 million U.S. dollars, returning to around 100 million U.S. dollars. Xu Gao said that the stabilization of external demand and weak domestic demand will continue in the future, and the trade surplus may continue to fluctuate at a high level. Haitong Securities believes that the monthly trade surplus has risen sharply and the outflow of hedging funds has eased the pressure of RMB depreciation and provided room for the country to increase its loose monetary policy. Export growth is expected to pick up, but the pressure still remains. According to customs statistics, the monthly export growth rate has narrowed compared to the previous month. Analysts believe that the recent export growth rate is expected to pick up slowly. According to Xu Gao, an economist at Everbright Securities, the year-on-year decline in China's exports to ASEAN has narrowed from .% per month to .% per month. Driven by the 'One Belt, One Road' strategy, exports to emerging market countries may continue to pick up in the future. From the perspective of product trade, the growth rate of labor-intensive product exports has stabilized, and the year-on-year decline in exports of mechanical and electrical products has narrowed from .% per month to .% per month. It is understood that the strengthening of the recovery process in developed countries and the reduction of pressure on the appreciation of the renminbi will promote the stabilization of external demand in recent months, and the growth rate of exports will pick up. CICC expects that with the improvement in the economic growth prospects of the United States, Japan and Europe in the third quarter and the weakening of the high base effect of commodity prices in the fourth quarter, China's export demand will gradually pick up in the second half of the year. The trade surplus continues to remain high, indicating that weak domestic demand is still the main drag on economic growth.