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China exports drop more than expected

Tan KW
Publish date: Thu, 08 Jun 2023, 08:40 AM
Tan KW
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BEIJING: Chinese exports fell for the first time in three months in May, adding to risks in the world’s second-largest economy as global demand weakens.

Overseas shipments shrank 7.5% in dollar terms from a year ago, official data showed yesterday, far worse than the median forecast for a 1.8% drop.

Imports declined 4.5%, better than an expected drop of 8%, leaving a trade surplus of US$65.8bil .

The expansion in exports early this year was one bright spot for the economy, helping to underpin the recovery after China dropped its pandemic rules. Recent data showed the recovery has weakened, though, with manufacturing activity contracting in May and home sales growth slowing after a pickup earlier in the year.

 - Bloomberg

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