Coronavirus effect: Chinese exports drop 3.3% in May

The pandemic has torpedoed foreign demand. The sale of medical equipment for the Covid-19 has limited losses. Imports down too. Growth of US surplus jeopardizes the trade agreement with the Trump administration.


Beijing (AsiaNews / Agencies) - In May, Chinese exports fell by 3.3% on an annual basis. The negative figure is due to the decrease in foreign demand due to the effect of the coronavirus pandemic. In April, exports had grown by 3.5%, but they referred to orders placed earlier in the year, before Covid-19 spread to the rest of the world from China.

Analysts had expected a greater drop in sales outside the country (around 6.5%). The export of medical equipment to combat coronavirus has limited losses. A further drop in exports is forecast for the coming months, for years the engine of Chinese economic growth.

Imports declined more sharply (16.7%), a sign that domestic consumption and production are struggling to recover despite the end of the lockdown in early April.

Beijing posted a trade surplus with the United States of $ 27.9 billion, up 3.7% from May 2019 and 2.1% from April. With these numbers, it will be difficult for the Asian giant to honor "phase 1" of the trade agreement with the US, which foresees the Chinese purchase of 200 billion dollars in US agricultural products in the next two years. The agreement aims to end the trade war between the two powers.