China’s exports declined in May, as demand dried up in major overseas markets hit by the coronavirus pandemic, with experts predicting that shipments would continue to decline in coming months until the virus is brought under control and the global economy gets back on its feet, reported the South China Morning Post.
Overseas shipments fell by 3.3% in the month compared with a year earlier, following a surprise growth of 3.5% in April.
May’s export number was better than expected by a Bloomberg poll of analysts, whose median forecast was a 6.5% decline. The better-than-expected figure was due largely to continued strong exports of medical equipment and supplies used in fighting the coronavirus.
Exports of medical equipment and instruments rose 89% in May from a year earlier, shipments of textiles, yarns and fabrics (including masks) rose 77%, while exports of plastics (including medical protection equipment) increased 54%, noted Shen Jianguang, chief economist of JD Digits, the fintech arm of e-commerce firm JD.com.