According to data published by the Chinese Customs Authority, on Wednesday, exports fell to $284 billion, and imports to $218 billion. The foreign trade surplus for May fell 16.1 percent year on year to $66 billion. In the first five months of this year, the dollar value of exports increased by 0.4 percent to reach $1.4 trillion compared to the same period of the previous year, while imports decreased by 6.7 percent to reach $1 billion. With the decline, the volume of exports, adjusted for seasonal effects, fell below the level at the beginning of the year in May – CNBC quotes the China analyst at Capital Economics.
Disappointing Chinese foreign trade data reinforces analyst sentiment
Economic recovery after pandemic restrictions is waning
Reuters evaluated the data.
Due to the high inflation and interest rate environment, the export prospects are affected by It was also overshadowed by weak US consumer demandso according to analysts, to meet the 5 percent growth plans The Chinese party leadership must boost domestic demand.
As a result of the economic recovery in the wake of the pandemic, the world’s second-largest economy expanded by 8.1 percent in 2021, but economic growth slowed to 3 percent in 2022 and fell far short of the official target of 5.5 percent.
Cover photo: Shutterstock
