China’s exports took a sharp turn in May, with figures showing a dramatic decrease as global demand faltered. According to the latest trade data released by China’s General Administration of Customs, exports declined 6.4% from last year while imports fell 0.7%. This marks the fourth consecutive month that Chinese exporters have seen their shipments decline and is an indication of how weak external demand has become for China’s goods and services due to slowing economic growth around the world.
The slowdown in global markets appears to be taking its toll on Chinese manufacturers who are struggling to find buyers abroad amid weaker consumer spending worldwide. At home too, domestic consumption remains sluggish despite government efforts, such as tax cuts and increased infrastructure investment aimed at boosting activity levels across sectors like retailing and manufacturing.
Overall, these figures suggest that China may need further policy support if it wants to maintain steady export growth over the coming months given current market conditions remain unfavorable for international trade flows across many countries including major trading partners like USA and EU nations.
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