China's trade surplus widened to $20.4 billion in May from from $18.5 billion registered in the same period previous year. Exports posted their lowest growth rate in almost a year while imports unexpectedly fell.
Exports edged up 1 percent to $187.1 billion from a year earlier, the lowest growth since last July. Exports to the United States, fell 1.6 percent, the third straight month of declines, while shipments to the European Union, declined 9.7 percent, also the third straight month of declines. The dramatic slowdown in yoy export growth in May in part reflects the impact of a clamp down by the government on firms dressing up financial inflows as exports.
Imports dropped 0.3 percent to $162.3 billion from a year earlier. Yet, imports of major commodities rose in May compared with the previous month, helped by lower prices.
6/8/2013 1:18:56 PM