China Industrials "Going global: Breakdown of China's exports (May 2026)" Xu

研报英文原文证据摘录

China Industrials "Going global: Breakdown of China's exports (May 2026)" Xu

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China Industrials Equities

ChinaGoing global: Breakdown of China's exports

(May 2026) Industrial

Robin Xu

Analyst

bin.xu@ubs.com

Leveraging UBS Evidence Lab's China Export Monitor +86-21-3866 8872

UBS's China Industrials team has classified about 6,000 six-digit Harmonized System Bruce Mi

Code (HS Code) goods in nine industries and 112 sectors, representing over 90% of Analyst

China's overall exports in 2024. We break down China's exports by end market and S1460522060001

sector (> Access Dataset). China's exports increased 19% YoY in May 2026, further bruce.mi@ubs.com

accelerating from the 14% YoY growth in April. Among industries, technology (up +86-21-3866 8851

53% YoY), oil & chemicals (up 29%) and autos (up 26%) recorded the strongest William Deng

export growth. Export growth to the US further rebounded to 35% YoY from 11% Economist

growth in April, supported by a low base. Exports to major Asian trade partners (namely william-w.deng@ubs.com

ASEAN, Korea and Japan) and Africa also accelerated MoM, while growth to Europe and +852-2971 6765

LatAm slowed. Phyllis Wang

Tech product export growth accelerated further in May S1460517100001

Looking at May export growth, technology products remained the fastest-growing phyllis.wang@ubs.com

+86-21-3866 8964industry, with steadily accelerating growth from 22% in January to 53% in May.

Semiconductors and panels were the top two contributors to China's YoY incremental Christine Peng, CFA

export value in May. Oil & chemicals exports also remained strong, with growth Analyst

accelerating from 24% YoY in April to 29%, mainly driven by chemical materials, oil & christine-y.peng@ubs.com