MNI DATA IMPACT: China Trade Stats Weaken; US Imports Fall

     BEIJING (MNI) - China's trade performance worsened in May as the pandemic

sapped global demand, affirming the weak exports orders sub-indicator in PMI

(35.3) published at the end of last month. 

     In a sign suggesting further troubles threatening the "Phase One" agreement

between the two largest economies, exports to the U.S. last month dropped 14.3%

y/y while imports from the U.S. were also down 7.6% y/y. 

     Here are other key points in the data by General Customs Sunday:

     - Exports declined 3.3% y/y to $206.81 billion in May, reversing 3.5% y/y

uptick in April, dragged by the contracting overseas orders. Exports declined

7.7% y/y - slower than the previous 9.0% y/y slump over the first five months.

     - Exports to the EU fell 4.1% y/y in Jan-May, while those to Japan, the

fourth biggest trading partner, fell 1.6% in the first five months.   

     - May imports from all sources fell 16.7% y/y to $143.89 billion, extending

last month's 14.2% decline. Imports decreased 8.2% y/y in Jan-May, faster than

the 5.9% y/y reported in Jan-April.

     - May imports from ASEAN countries was the only gain out of five markets,

up by 2.6% y/y. Imports from the EU, and Japan were down 11.8% y/y and 5.0% y/y,

respectively.

     - Trade surplus grew to $62.9 billion from $45.3 billion in April, bringing

the total balance to $121.4 billion for Jan-May. 

--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

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