China’s trade surplus balloons as imports fall in May

China’s trade surplus rose to $41.7 billion in May, more than tripling April’s $13.8 billion, and up 67.5% from a year earlier, according to data released by the General Administration of Customs, reported Caixin.
China’s imports of goods fell 8.5% year-on-year to $172.2 billion, marking the steepest decline since July 2016, according to the official data. This contrasts with a 4% increase in the previous month and missed the median forecast of a 3.5% drop from economists polled by Bloomberg. Exports edged up 1.1% year-on-year to $213.9 billion in May after a 2.7% decrease the month before, the data showed, beating the polled economists’ median forecast of a 3.9% decline. Exports to the US declined 4.2% year-on-year in May, but imports from the nation dropped 26.8%..