China's exports and imports both fell in May as the coronavirus and trade tensions with the U.S. weighed on demand both at home and abroad.
Exports fell 3.3% compared to a year earlier to US$206.8 billion and imports dropped 16.7%to $143.9 billion, the Chinese customs agency said Sunday.
The plunge in imports drove the country's trade surplus up to $62.9 billion. The surplus with the United States reached $27.9 billion.The fall in exports came after a surprise 3.5% rise the previous month. Exports to the U.S. totalled $37. 2 billion, while imports from the U.S. were $9.3 billion. Analysts were expecting the decline in exports, attributing April's rise to orders placed before virus restrictions hit overseas economies and predicting that American and European customers would likely cancel other orders.
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