Exports slumped 7.5% year-on-year in May, data from China’s Customs Bureau showed, much larger than the forecast 0.4% fall and the biggest decline since January
China’s exports shrank much faster than expected in May while imports extended declines with a grim outlook for global demand, especially from developed markets, raising doubts about the fragile economic recovery.
“The weak exports confirm that China needs to rely on domestic demand as the global economy slows,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. “There is more pressure for the government to boost domestic consumption in the rest of the year, as global demand will likely weaken further in the second half.”
Asian stocks fell into the red after the data as did the yuan and the Australian dollar, a commodity currency that is highly sensitive to swings in Chinese demand. South Korean data last week showed shipments to China slid 20.8 per cent in May, marking a full year of monthly declines, with Korean semiconductor exports dropping 36.2 per cent, suggesting weak demand for components for final manufacture. Chinese imports of semiconductors fell 15.3 per cent, as the market for the consumer electronics exports that include such parts softened.
The PMI’s subindexes also showed factory output swung to contraction from expansion while new orders, including new exports, fell for a second month.
France Dernières Nouvelles, France Actualités
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