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China’s exports plunge by 7.5% in May, far more than expected

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A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020.

Martin Pollard | Reuters

BEIJING — China’s exports fell in May for the first time since February, customs data showed Wednesday.

Exports fell 7.5% year-on-year to $283.5 billion, far worse than the 0.4% decline predicted by a Reuters poll.

Imports for May dropped by 4.5% from a year ago to $217.69 billion — less than the 8% plunge forecast by Reuters.

China’s monthly imports have declined on a year-on-year basis since late last year.

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