China’s customs figures show May goods exports, measured in dollars, contracted at 5 % y-o-y, the same rate as the average of the previous four months of this year. After contracting by more than 10 % y-o-y in the first four months of this year, May imports remained at the same level as a year earlier. China’s trade performance is strongly influenced by fluctuations in exchange rates and commodity prices. When goods trade is considered in terms of trade volumes, both export and import volumes increased an average of 2 % y-o-y in January-April. Moreover, especially foreign trade value figures are muddled up by the changes in trade flows in which the participants are circumventing China’s capital controls.