China's exports fell 3.3% yoy in May after the unexpected
rebound in April, when the covid-19 pandemic paralyzed the world economy, the
Chinese customs department announced Sunday.
Analysts polled by the Bloomberg financial agency had a
steeper drop (-6.5%).
In April, Chinese exports experienced a surprise rebound (+
3.5% year-on-year) after three consecutive months of decline.
Although many companies have resumed activity after the
first quarter stoppage, they have difficulties in obtaining orders because
their main customers, in Europe and North America, are paralyzed by the
coronavirus and domestic consumption is weak.
Logically, the imports of the Asian giant in May fell 16.7%
year-on-year (against -14.2% in April).
It is a steeper decline than the estimates of analysts
polled by Bloomberg (-7.8%).
To support a struggling economy and encourage consumption,
several provinces or municipalities launched commercial operations with
vouchers or discounts.
The city of Beijing announced on Saturday the distribution
of coupons worth a total of 12.2 billion yuan (1.5 billion euros, 1.7 billion
dollars) to increase the purchasing power of its inhabitants.
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