Posted on

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


A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020.Martin Pollard | ReutersBEIJING — China’s exports fell in May for the first time since February, customs data showed 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 decline was so sharp that export volumes came in below their levels at the start of the year, after accounting for seasonality and changes in export prices, Julian Evans-Pritchard, head of China Economics at Capital Economics, said in a note.”This points to subdued global demand for Chinese goods,” he said.In April, China’s exports beat expectations slightly with 8.5% year-on-year growth.However, the disappointing export figures for May indicate that the longer-term tren …

Read More