China's exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs an economic recovery is slowing.
Driverless trucks move shipping containers at an automated port in Tianjin, China, Monday, Jan. 16, 2023. China's exports fell 7.5% from a year ago in May, 2023, and imports were down 4.5%, adding to signs an economic recovery is slowing. Driverless trucks move shipping containers at an automated port in Tianjin, China, Monday, Jan. 16, 2023. China's exports fell 7.5% from a year ago in May, 2023, and imports were down 4.5%, adding to signs an economic recovery is slowing.
Exports slid to $283.5 billion, reversing from April’s unexpectedly strong 8.5% growth, customs data showed Wednesday. Imports fell to $217.7 billion, moderating from the previous month’s 7.9% contraction. Retail spending is lower than expected as consumers worry about the economic outlook and possible job losses. Factory activity is contracting after interest rate hikes to cool inflation in the United States and Europe depressed demand for Chinese exports.Economic growth accelerated to 4.5% over a year earlier in the three months ending in March from the previous quarter’s 2.9%, but forecasters say the peak of that rebound probably has passed.
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