China's Exports Up 4.8 Per cent In May As Shipments To The US Fall Nearly 10 Per Cent

 

 

Beijing : China's exports rose 4.8% in May from a year earlier, a bit lower than expected as shipments to the United States fell nearly 10%, according to customs figures released Monday just hours ahead of another round of trade talks between the U.S. and China. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion.

 

China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said. Trade slowed in May after China’s global exports jumped 8.1% in April, even after U.S. 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 U.S.-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 U.S. 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.