China’s imports and exports both fell in May, but some analysts said the worst is likely over as investment rose sharply, the South China Morning Post reported. May exports decreased by a record 26.4% from the same month last year, while imports were down 25.2%, according to China’s customs agency. Despite a year-on-year import decline, however, analysts said demand for foreign raw materials is increasing as Beijing’s stimulus spending takes hold. The value of imports dropped even as volume rose, due to a 30-50% decrease in the price of oil and other commodities from last year’s highs. China’s global trade surplus in May narrowed by 33% in comparison to US$13.4 billion in May 2008. April’s surplus was US$13.1 billion.
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