China Imports, Exports Down Sharply in May

Imports down 25%, exports down 26%

Posting the seventh straight monthly decline, Chinese exports plunged sharply in May, authorities said on June 11.

The world's third-largest economy posted exports worth $88.8 billion last month, a fall of 26.4% from the same month last year, customs data showed.

Meanwhile, Chinese imports totaled $75.4 billion, a drop of 25.2%. The trade surplus in May stood at $13.4 billion.

Despite the steep year-on-year decline, the figures represented an increase month-on-month, with exports up 0.2% from April, and imports up 4.4%.

China has been severely impacted by the global economic crisis, with traditional markets in North America and Europe taking fewer of its products.

Since the export sector is a big employer in China, the government has been forced to come up with solutions to ward off hard times.

Copyright Agence France-Presse, 2009

TAGS: Trade
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