Chinese exports have dropped by a record amount in May as demand for its goods from the US and Europe slumped. Exports fell 26.4% from the same month earlier, more than February’s previous record drop.

As the downturn has also affected China, and its imports have also declined. They dropped by 25.2% in May. As a result, China’s trade surplus, the difference between what it exports and imports, narrowed by 33% to $13.4bn from the same month last year.

This might mean that the politically sensitive trade gap with the US has narrowed. China did not report separate figures for its US trade, but the US figures for the previous month showed the trade gap was still growing.

Categories: Market News, World Economy
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