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China’s exports plunge by 7.5% in May, far more than expected




  • Exports fell 7.5% in May from a year ago, far worse than the 0.4% decline predicted by a Reuters poll.
  • May imports fell 4.5% from a year ago – less than the 8% forecast by Reuters.

A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the new outbreak of the coronavirus disease (COVID-19), Guangdong province, China on May 17, 2020.

Martin Pollard | Reuters

BEIJING – China’s exports fell in May for the first time since February, customs data showed on Wednesday.

Exports fell 7.5% year-on-year to $283.5 billion, far worse than the 0.4% decline predicted by a Reuters poll.

The disappointing export figures indicate that the long-term trend is down, said Hao Hong, chief economist at Grow Investment Group.

China will not be able to depend on trade to grow its economy for “another six months, for sure,” he said, noting a drag from weak U.S. demand, where inflation — and interest rates — remain high.

May imports fell 4.5% from a year ago to $217.69 billion – less than the 8% Reuters forecast.

China’s monthly imports have declined on a year-on-year basis since the end of last year.

A breakdown of China’s trade for May by country or category was not immediately available.

This is breaking news. Please check back for updates.



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