China’s export growth in May fell short of expectations due to a sharp decline in shipments to the United States, despite a temporary trade truce that suspended most tariffs for 90 days, US media reported on Monday.
According to Wind Information, Chinese exports to the US fell 34.5% year-on-year, the sharpest decline since February 2020. Imports from the US fell by more than 18%, as the country’s trade surplus with the US fell by 41.55% year-on-year to $18 billion.
Exports to Japan rose 6.2%, to Australia 12.6%, to European Union countries 12%, and to ASEAN countries 14.8%.
According to customs data released on Monday, total exports in dollar terms rose 4.8% last month compared to the same period last year, below Reuters poll forecasts of 5% growth.
Imports fell 3.4% in May compared to last year, a sharp drop compared to economists’ expectations of 0.9%. Imports have been declining this year, mainly due to sluggish domestic demand.
The foreign trade surplus in January-May decreased to $471.9 billion compared to $337.21 billion in the same period a year earlier.
In April, Trump imposed tariffs on goods from China at a rate of 145%, to which China responded with tariffs of 125%. In early May, the leaders agreed to suspend new tariffs for 90 days.
