China’s exports growth missed expectations in May, dragged down by a sharp decline in shipments to the U.S., despite a temporary trade truce that paused most tariffs for 90 days.
Exports rose 4.8% last month in U.S. dollar terms from a year earlier, customs data showed Monday, shy of Reuters’ poll estimates of a 5% jump.
Imports plunged 3.4% in May from a year earlier, a drastic drop compared to economists’ expectations of a 0.9% fall. Imports had been declining this year, largely owed to sluggish domestic demand.
Chinese exports to the U.S. plunged 34.5% from a year ago while imports dropped over 18%, customs data showed.
That was largely offset by its shipment to the Southeast Asian bloc, which jumped nearly 15% from a year, and those to European Union countries and Africa, which rose 12% and over 33%, respectively.
