China's exports contracted in May as global coronavirus lockdowns continued to devastate demand, while a sharper-than-expected fall in imports pointed to mounting pressure on manufacturers as global growth stalls.
BEIJING - China’s exports contracted in May as global coronavirus lockdowns continued to devastate demand, while a sharper-than-expected fall in imports pointed to mounting pressure on manufacturers as global growth stalls.
Overseas shipments in May fell 3.3% from a year earlier, after a surprising 3.5% gain in April, customs data showed on Sunday. That compared with a 7% drop forecast in a Reuters poll. China’s trade surplus with the United States widened to $27.89 billion in May, Reuters calculation based on customs data showed.
In the first half of May, China shipped 63.2 billion yuan of medical supplies, Reuters calculations from customs data showed, compared with 71.2 billion yuan in the March-April period.
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