China’s exports tumble in May as global demand falters, Reports Reuters

BEIJING, June 7 (Reuters) – China’s exports shrank much faster than expected in May while imports extended declines with a grim outlook for global demand, especially from developed markets, raising doubts about the fragile economic recovery.

The world’s second-largest economy grew faster than expected in the first quarter thanks to robust services consumption and a backlog of orders following years of COVID disruptions, but factory output has slowed as rising interest rates and inflation squeeze demand in the United States and Europe.

Exports slumped 7.5% year-on-year in May, data from China’s Customs Bureau showed on Wednesday, much larger than the forecast 0.4% fall and the biggest decline since January. Imports contracted 4.5%, slower than an expected 8.0% decline and April’s 7.9% fall.

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