Free Trial

MNI BRIEF: China May Exports Slow, Down 7.5% Y/Y

MNI (Singapore)
(MNI) Beijing

China's exports slowed in May, falling 7.5% y/y for the first time in three months, driven by shrinking demand and the high-base effect, while imports registered a third monthly fall on falling commodity prices, data released by China Customs on Wednesday showed.

May's fall, which follows April's 8.5% y/y growth, beat the market consensus of a 0.9% y/y drop. Exports in the first five months of 2023 totaled USD1.4 trillion, or 0.3% over the same period last year. ASEAN countries - accounting for 14.6% of total exports - increased by 8.1% over the first five months while those to the EU, decreased 4.9% and to the US fell 15.1% y/y.

Imports registered a third monthly fall of 4.5% y/y decrease in May, narrowing from the previous 7.9% y/y drop and better than the market consensus of a 8.0% y/y drop. Imports in the first five months amounted to USD1.04 trillion. The trade surplus over the Jan-May period was USD359.48 billion, with May contributing $65.81 billion.


To read the full story


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.