China's exports tumble in May, imports slow
Exports from the world's second-largest economy fell 7.5% year-on-year in May, the biggest decline since January and swinging from 8.5% growth in April. Imports contracted at a slower pace, dropping 4.5%, a slower pace of decline 7.9% than the previous month.
The poor export performance reflects weak demand for Chinese goods as does the weak import performance as China brings in parts and materials from abroad to assemble finished products for export.showed shipments to China slid 20.8% in May, marking a full year of monthly declines, with Korean semiconductor exports dropping 36.2%, suggesting weak demand for components for final manufacture.
"The weak exports confirm that China needs to rely on domestic demand as global economy slows," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "There is more pressure for the government to boost domestic consumption in the rest of the year, as global demand will likely weaken further in the second half."
The PMI subindexes showed factory output swung to contraction from expansion while new orders, including new exports, fell for a second month.
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