Exports dip, imports plunge as China's trade surplus mounts

China’s exports fell 2.8% in May from a year earlier, the third consecutive drop, as imports plunged 18.1% for the same period, resulting in a trade surplus of RMB366.8 billion (US$59.1) billion, Bloomberg reported, citing data from the country’s customs administration. A larger decline in exports was averted in part by demand from the US, which contributed 18.8% to total exports – the most since August of 2010 – while the European Union made up 15.1%. Total trade posted an 8% annual contraction for the first five months of 2015, compared with the government’s official target of 6% growth this year.