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China’s exports and imports fall amid coronavirus woes

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Chinas exports and imports fall amid coronavirus woes

China’s exports and imports both fell in May as the coronavirus and trade tensions with the U.S. weighed on demand at home and abroad.

Exports fell 3.3 percent compared to a year earlier to $206.8 billion and imports dropped 16.7 percent to $143.9 billion, the Chinese customs agency said Sunday.

The plunge in imports drove the country’s trade surplus up sharply to $62.9 billion. The surplus with the United States reached $27.9 billion and climbed $18.2 billion with the European Union.

The fall in exports came after a surprise 3.5 percent rise the previous month. Analysts were expecting the decline, attributing April’s rise to orders placed before virus restrictions hit overseas economies and predicting that American and European customers would also cancel other orders.

Chinese exports to the U.S. totaled $37.2 billion, about the same as the $35.5 billion in exports to the EU. However, its imports from the EU were $17.3 billion, nearly twice the $9.3 billion from the U.S.

After working 4 years as a reputed journalist, Jerome wanted to explore internet-based journalism. He brought together the idea of USA Reformer to dispatch news that serves the need of readers with perfect information. He also contributes as a business news writer for the website.

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