News Formal

China's exports tumble in May as global demand falters | CNN Business

  • 📰 cnni
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 59%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Exports from the world’s second-largest economy fell 7.5% year-on-year in May, the biggest decline since January and swinging from 8.5% growth in April

. Imports contracted 4.5%, a slower pace of decline than the 7.9% in the previous month. The figures compared with a Reuters poll that showed economists forecast a much smaller 0.4% decline in exports and an 8.0% fall in imports. The poor export performance reflects weak demand for Chinese goods as does the weak import performance as China brings in parts and materials from abroad to assemble finished products for export. South Korean data last week showed shipments to China slid 20.

“The weak exports confirm that China needs to rely on domestic demand as global economy slows,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. “There is more pressure for the government to boost domestic consumption in the rest of the year, as global demand will likely weaken further in the second half.” China’s factory activity shrank faster than expected in May on weakening demand, the official purchasing managers’ index showed last week.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 326. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

US venture capital titan Sequoia to split off China business amid tension with Beijing | CNN BusinessVenture capital titan Sequoia is splitting its business into three independent partnerships, each with separate brands. The Silicon Valley-based firm’s expansive investments in China will become their own unit.
Källa: cnni - 🏆 326. / 59 Läs mer »

CNN Chairman and CEO Chris Licht is out | CNN BusinessCNN chairman and chief executive officer Chris Licht is leaving the network, according to a person with direct knowledge of the matter
Källa: CNN - 🏆 4. / 95 Läs mer »

China sees biggest trade increase with Russia in 2023, Chinese customs data shows | CNN BusinessBilateral trade between Russia and China totaled more than $93.8 billion from January to May in 2023, a 40.7% increase compared to the same period last year, data from China’s General Administration of Customs showed.
Källa: cnni - 🏆 326. / 59 Läs mer »