China's exports likely tumbled in May after a surprising rebound the previous month as global coronavirus lockdowns continued to devastate demand, but imports showed some signs of improvement as Chinese manufacturers got back on their feet, a Reuters poll showed on Friday.
BEIJING - China’s exports likely tumbled in May after a surprising rebound the previous month as global coronavirus lockdowns continued to devastate demand, but imports showed some signs of improvement as Chinese manufacturers got back on their feet, a Reuters poll showed on Friday.
Imports likely fell 9.7% on year, the poll showed, easing from a 14.2% drop the previous month, due to recovering global oil prices, a low base last year and as manufacturers cranked up operations. “Despite stronger-than-expected export growth in April, we still believe China’s export growth may slump sharply in coming months, as the lagged impact from the slump in new export orders in March, April, and even May, could fully kick in,” Nomura said in a report. It estimated exports fell 8% in May.
The one bright spot has been exports of medical supplies. In the first half of May, China shipped 63.2 billion yuan of medical supplies, Reuters calculations from customs data showed, compared with 71.2 billion yuan in the March-April period.
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