Business
CHINA’s foreign trade slumped unexpectedly in May, according to customs figures issued on Wednesday.
For the first time in three months, exports calculated in U.S. dollars fell by 7.5 per cent year-on-year, the customs department said in Beijing.
Imports also fell for the second month in a row.
According to the customs figures, imports decreased by 4.5 per cent – although the basis for comparison a year ago was low due to restrictions related to the COVID-19 pandemic.
A major reason for the decline in exports is weak global demand, which was under pressure from high inflation.
While China’s export machinery was running much slower, the outlook for growth in the second largest economy, which had started the year well, was also deteriorating.
The Chinese government is planning “around 5 per cent” growth for the whole year.
Recently, leading economic indicators had already turned out worse than expected. (dpa/NAN)
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Tags: China’s export
