Exports from China, the world’s second-largest economy, fell in May for the first time in three months amid waning global demand for Chinese goods.
Data published on June 7 by China’s General Administration of Customs showed that exports, which serve as the main source of foreign exchange for China, fell 7.5 percent year over year, to $283.5 billion, marking the biggest decline since January and reversing April’s unexpectedly strong 8.5 percent growth.
Those figures also mark a significantly worse decline than the 0.4 percent predicted by a Reuters poll.
Double-digit declines were seen in exports to most countries, including the United States, Japan, France, Italy, and nations in Southeast Asia, Bloomberg reports, most likely in part due to Federal Reserve inflation hikes meant to tackle inflation that are in return cooling off demand….