China’s exports climb 4.8 per cent in May as shipments to US fall nearly 10 per cent

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Beijing, Jun 9 (AP) China’s exports rose 4.8 per cent in May from a year earlier, a bit lower than expected as shipments to the United States fell nearly 10 per cent, according to customs figures released on Monday just hours ahead of another round of trade talks between the US and China.

Imports declined 3.4 per cent year-on-year, leaving a trade surplus of USD 103.2 billion.

China exported USD 28.8 billion to the United States in May, while its imports from the US fell 7.4 per cent to USD 10.8 billion, the report said.

Trade slowed in May after China’s global exports jumped 8.1 per cent in April, even after US President Donald Trump struck a deal with Beijing to delay implementation of stiff tariff hikes to allow time for talks.

Many businesses had rushed orders to try to beat higher tariffs, even as some tariffs took effect or remained in place.

The next round of US-China talks was due to take place later Monday in London.

The talks follow a phone call last week between Trump and Chinese leader Xi Jinping. In early May the two sides agreed to a 90-day suspension of most of the tariffs they had imposed on each other in their escalating trade war.

Since then, the US and China have exchanged angry words over advanced semiconductors, “rare earths” that are vital to many industries and visas for Chinese students at American universities. (AP) PY PY

Category: Breaking News

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