China exports slow in trade storm

CHINESE exports grew at a slower pace than expected in May, according to official data yesterday, as shipments to the US tumbled after Donald Trump’s tariff blitz triggered global trade turmoil.

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Imports fell more dramatically than expected, the figures showed, with weak domestic consumption in the world’s number two economy highlighted by data earlier in the day revealing another month of falling prices.

The 4.8% year-on-year increase in overseas shipments last month was slower than the 8.1% growth recorded in April, also falling short of the six percent jump that was forecast in a survey of economists by Bloomberg.

The reading included a 12.7% plunge in exports to the US compared with April, when Trump unveiled his eye-watering tariffs on China.

Imports from the US tanked 17.9% after Beijing imposed tit-for-tat measures. Exports tumbled by a third year-on-year in May.

In contrast, the data showed shipments to Vietnam increased from the previous month.

Those to other Southeast Asian countries including Malaysia, Thailand, Singapore and Indonesia all declined slightly after soaring in April, the figures indicated.