Exports from the People’s Republic fell significantly more than expected in the past month compared to the previous year.
(Photo: dpa)
Beijing World export champion China felt the slowdown in global growth in May. Exports from the People’s Republic fell by 7.5 percent year-on-year in the past month, according to data from the customs authority on Wednesday.
China’s imports, on the other hand, shrank by 4.5 percent in May, more slowly than forecast. The experts had expected exports to fall by 0.4 percent and imports by 8.0 percent.
China’s economy is not gaining momentum despite the lifting of strict corona restrictions in December. The global economic slowdown and weakening domestic demand are hampering the expected post-pandemic recovery. The government in Beijing has set a GDP growth target of around five percent for this year after falling well short of the target for 2022.
More: IfW sees stagnation in world trade