Chinese exports fell for the first time in three months in May, adding to risks in the world’s second-largest economy as global demand weakens.
Overseas shipments shrank 7.5% in dollar terms from a year ago, official data showed Wednesday, far worse than the median forecast for a 1.8% drop. Imports declined 4.5%, better than an expected drop of 8%, leaving a trade surplus of $65.8 billion.
The expansion in exports early this year was one bright spot for the economy, helping to underpin the recovery after China dropped its pandemic rules. Recent data shows the recovery has weakened, though, with manufacturing activity contracting in May and home sales growth slowing after a pickup earlier in the year.
While the trade figures last month may have been impacted by the base of comparison from a year ago, it also reflects weaker global demand. Economists expect China’s exports to contract this year.
