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China’s exports and imports see fresh declines in May

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/06/2015 (10:39)
According to data released by China’s General Administration of Customs, the country’s exports saw fresh declines in May while imports posted a double-digit drop. Exports decreased 2.5% on the year in May due to weak overseas demand, rising labor and currency costs and the persistent deceleration in the Chinese economy while imports dropped 17.6% when compared to the same month of the previous year. Accordingly, China’s trade surplus reached almost $59.49 billion in May.

However, China’s May exports declined at a slower pace compared with economists’ estimates, which called for a decrease of 5% in May, according to a survey by Reuters. The same survey forecasted imports to decline by around 10.7%.

Analysts commented that China’s economic growth should begin to stabilize within the next few months, with additional stimulus measures being a possibility as the government seeks ways to support growth.

The government expects total trade to grow 6% this year. In 2014, China’s trade rose 3.4%, falling below the government’s growth target of 7.5%.
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