China’s exports surge in May, imports decline at the fastest pace in three years
- Exports likely rose due to the front-loading of US-bound shipments.
- The cut in China’s value-added tax (VAT) in April is also expected to have aided exports.
Exports originating from China expanded by 1.2 per cent in May, beating analysts forecast of a 3.8 per cent decline, in spite of the Trump administration imposing tariffs of up to 25 per cent on $200 billion worth of Chinese goods entering the country. While exports to the U.S. fell 4.2 per cent in May, China’s imports of U.S. goods plunged 26.8 per cent from a year earlier.