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China Trade Balance May 2020

China: Trade data deteriorates markedly in May

In May, exports contracted 3.3% over the same month in the previous year, contrasting the 3.5% rise in April. The print, however, was better than the 6.5% drop that market analysts had expected.

Meanwhile, imports plummeted 16.7% in annual terms in May. The print followed the 14.2% contraction in April and exceeded the 7.9% drop that market analysts had projected.

As a result of the sharp drop in imports, the trade surplus jumped from USD 41.2 billion in May 2019 to USD 62.9 billion in May 2020 (April 2020: USD 45.3 billion surplus). The 12-month moving sum of the trade surplus rose from USD 394 billion in April to USD 415 billion in May.

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