May: China exports fall 7.5%. According to state media, China’s exports decreased in May for the first time since February, ending a two-month growth streak as the post-Covid recovery in the second-largest economy in the world waned.
As per the data released by the official Xinhua news agency, overseas shipments plunged 7.5 percent on-year last month, a sharp decline from an increase of 8.5 percent in April.
According to Xinhua, imports decreased 4.5 percent in May.
As per the predictions in a Bloomberg survey, economists anticipated a 1.8 percent decline in exports and an 8.0% decline in imports.
The demand for Chinese goods has decreased due to rising global inflation, other economies facing recession, and geopolitical tensions with the United States.
China’s exports increased in March and April, breaking a streak of five straight declines. During this time, production hampered by widespread lockdowns and delays at ports as authorities implemented their strict zero-Covid policy, which caused production to disrupted.
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However, that recovery slowed down as a result of the economy burdened by a debt-ridden real estate market, sluggish consumer confidence, and a slowdown in the global economy.