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China’s exports plunge by 7.5% in May, far more than expected

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A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020.

Martin Pollard | Reuters

BEIJING — China’s exports fell in May for the first time since February, customs data showed Wednesday.

Exports fell 7.5% year-on-year to $283.5 billion, far worse than the 0.4% decline predicted by a Reuters poll.

The disappointing export figures indicate that the longer-term trend is down, said Hao Hong, chief economist at Grow Investment Group.

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China won’t be able depend on trade to boost its economy for “another six months, for sure,” he said, noting a drag from lackluster U.S. demand, where inflation — and interest rates — remain high.

Imports for May dropped by 4.5% from a year ago to $217.69 billion — less than the 8% plunge forecast by Reuters.

China’s monthly imports have declined on a year-on-year basis since late last year.

A breakdown of China’s trade for May by country or category wasn’t immediately available.

This is breaking news. Please check back for updates.

Source: CNBC

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