May’s Chinese trade data offered the latest sign that the world’s second-largest economy was still a long way off from full health.
Exports in dollar-denominated terms tanked 4.1 percent on-year, more than double April’s 1.8 percent fall and slightly worse than estimates for a 4.0 percent decline. Imports meanwhile edged down 0.4 percent on-year, narrower than April’s 10.9 percent tumble and the 6 percent slide anticipated. That left the country with a trade surplus of $49.98 billion, wider than April’s $45.56 billion reading but missing Bloomberg’s $55.70 billion forecast.
For the first five months of the year, annual exports were 7.3 percent lower while imports were down 10.3 percent.
Market reaction was relatively muted, with mainland equities modestly lower and the Australian dollar (that is usually used as a proxy) was flat.
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