China has reported that its exports in May declined 7.5% from a year earlier, the first drop since February of this year.
Exports shipped out of China during May totaled $283.5 billion U.S., down nearly 8% from a year earlier and much worse than the 0.4% decline forecast by economists.
The May decline was so steep that export volumes from China have now fallen below their level at the start of this year.
In April, China’s exports beat expectations slightly with 8.5% year-over-year growth.
Exports from China have been hurt by waning U.S. demand and rising interest rates around the world to combat inflation.
China’s exports to the U.S. slumped 15.1% in May from a year earlier, while exports to the European Union (EU) declined 4.9%.
May Imports from China decreased by 4.5% from a year earlier to $217.69 billion U.S., which was less than the 8% decline forecast by economists.
China’s monthly imports have steadily declined on an annual basis since the end of 2022.
