Chinese exports contracted more than expected in May on weaker global demand for the country’s goods, as the world’s second-largest economy struggled to revive growth after a pandemic-induced slowdown last year, reports the Financial Times. Exports contracted 7.5% compared with the same period a year earlier, China’s General Administration of Customs said, well below analyst forecasts of an 0.4% fall, according to a poll conducted by Reuters.
Imports performed better than expected, however, down 4.5% year on year, compared with analysts’ expectations of an 8% fall. This left the country’s monthly trade surplus at $65.81 billion, down 16.1% and below forecasts.
Some economists said the better than expected import figure indicated that the post-Covid recovery in China’s domestic economy remained on track despite the slowing of the powerful export sector. Imports had declined 7.9% year on year in April, while exports had climbed 8.5%, falling back from an unexpected jump in March.