A cargo ship with containers is seen near Yantian port in Shenzhen, following the outbreak of the novel coronavirus disease (COVID-19) in Guangdong province, China, 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, well below the 0.4% decline forecast in a Reuters poll.
Hong Hao, chief economist at Grow Investment Group, said the disappointing export data suggested that the long-term trend was down.
“Certainly, in another six months,” China will not be able to rely on trade to boost its economy, he said, pointing to a drag from sluggish demand in the United States, where inflation and interest rates remain stubbornly high.
Imports fell 4.5% year-on-year to $217.69 billion in May, below the 8% decline forecast by Reuters.
Since the end of last year, China’s monthly imports have declined year-on-year.
A breakdown of China’s May trade by country or category was not immediately available.
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