China exports slip back into contraction, imports worst in six years on coronavirus hit to global growth
BEIJING – China’s exports contracted in May as global coronavirus lockdowns continued to devastate demand, while a sharper-than-expected fall in imports pointed to mounting pressure on the country’s manufacturers as global growth stalls.
Overseas shipments in May fell 3.3 per cent from a year earlier, after a surprising 3.5 per cent gain in April, customs data showed on Sunday . That compared with a 7 per cent drop forecast in a Reuters poll. China’s trade surplus with the United States widened to US$27.89 billion in May, Reuters calculation based on customs data showed.
Both official and private factory surveys for May showed sub-indexes for export orders remained deep in contraction.Highlighting the uncertain outlook, the Chinese government said in late May it was not setting an annual growth target, for the first time since 2002, reflecting a cautious stance on policy easing. The economy shrank 6.8 per cent in the first quarter from a year earlier.
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