China's exports slow in May - Shipments to the US shrank by 34.5%, deflation deepens
China's export growth slowed to a quarterly low in May as U.S. tariffs hit shipments. Deflation in factory prices deepened to a two-year low, adding to pressure on the world's second-largest economy.
The global trade war launched by US President Donald Trump, as well as fluctuations in trade relations between China and the US in the past two months, have hurt Chinese exporters and hampered global growth.
Underscoring the impact of US tariffs on shipments, customs data showed that China's exports to the US fell 34.5% year-on-year in May, the biggest drop since February 2020, when the outbreak of the COVID-19 pandemic upended global trade.
Total exports from the Asian giant expanded 4.8% year-on-year last month, slowing from 8.1% growth in April and missing a Reuters forecast of 5.0%. That came despite a reduction in U.S. tariffs on Chinese goods that took effect in early April.
"May data is expected to continue to be weighed down by the period of peak tariffs," analysts explain. But according to them, the acceleration of sales in regions other than the United States supported China's exports.
Imports fell 3.4% year-on-year, deepening from the 0.2% decline in April.
Exports had risen 12.4% year-on-year and 8.1% in March and April, respectively, as factories rushed shipments to the US to avoid Trump's tariffs.
While Chinese exporters got some relief in May after Beijing and Washington agreed to suspend most duties for 90 days, tensions between the world's two largest economies remain high.
China's imports from the US also lost further ground, shrinking 18.1%, from a 13.8% drop in April. Meanwhile, Chinese exports of rare earth metals rose sharply in May, despite restrictions on certain types of products that caused many auto factories to close.
China's trade surplus for May reached $103.22 billion, up from $96.18 billion the previous month.
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