China’s
exports declined in May for a third straight month and imports slumped
for the seventh, underscoring weak external demand and a sluggish
domestic environment.
Overseas
shipments fell 2.8 percent from a year earlier in yuan value, the
customs administration said in Beijing on Monday. That compared with the
median estimate for a 4 percent decline in a Bloomberg survey of
analysts. Imports slid 18.1 percent, leaving a trade surplus of 366.8
billion yuan ($59.1 billion).
China’s
exports last month fell 2.5 percent from a year earlier in dollar
terms, while imports plunged 17.6 percent, leaving a trade surplus of
$59.49 billion, customs data showed.
The
Shanghai Composite Index dropped below 5,000 briefly after the data
were first reported by China Central Television and then gained 0.6
percent as of 10:37 a.m. local time.
The
trade slowdown coincides with a slump in investment growth that is
putting Premier Li Keqiang’s 2015 growth target of about 7 percent at
risk. In response, officials have eased monetary policy and engineered a
debt swap for local governments so they can keep funding infrastructure
projects.
Source : Bloomberg
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