China's imports are expected to have contracted in May, despite a low base last year as a lockdown in Shanghai brought the country's biggest port to a standstill, while exports likely fell for the first time in three months, a Reuters poll showed.
The official PMI sub indexes for May showed factory output swung to contraction from expansion while new orders, including new exports, fell for a second month.
South Korean shipments to China, a leading indicator of China's imports, slid 20.8% in May, marking the 12th straight annual loss, but the pace eased to the slowest seen in seven months. China's economy grew faster than expected in the first quarter due to robust services consumption, but factory output has continued to lag amid persistent weak global growth.
Analysts are now downgrading their expectations for the economy with Nomura and Barclays both cutting China's 2023 GDP growth forecasts The government has set a modest GDP growth target of around 5% for this year, after badly missing the 2022 goal.Our Standards:Joe Cash reports on China’s economic affairs, covering domestic fiscal and monetary policy, key economic indicators, trade relations, and China’s growing engagement with developing countries. Before joining Reuters, he worked on UK and EU trade policy across the Asia-Pacific region. Joe studied Chinese at the University of Oxford and is a Mandarin speaker.
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