The economic downturn is hitting China hard. The foreign trade of the largest trading nation fell in may by 9.3 percent. The exports were in US dollars will be calculated by 3.3 percent. Imports fell even by 16.7 percent compared to the prior year period, reported how the Chinese customs on Sunday in Beijing.

The exports despite the decline in global demand, while better-than-expected. However, in the case of imports, there was a lower than predicted. Against this Background, the trade surplus reached a record value of 62,93-billion-US-Dollar - as much as never before in a month.

Germany meets China's weakness

The trade with Germany was in may in US Dollar returns of 9.4 percent. China bought for 14.8 percent fewer German Goods. Its exports to Germany fell by 2.2 percent.

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German key industries such as mechanical engineering meets the ailing China business hard. The exports of the industry to China, where the Virus was first identified, were dropped in the first quarter to 8.9 percent.

Overall, the Chinese trade with the European Union fell in may to 7.3 per cent. China's exports recorded a decline of 4.1 percent, while imports from the EU fell by 11.8 per cent. The trade with the USA fell by 12.7 percent compared to the same period last year. The two largest economies are now already for two years in a trade war with each other imposed special duties is now the Corona - crisis is added. China's exports to the U.S. fell in may to 14.3 percent, while imports from the USA fell by 7.6 percent.

Now China threatens still more against the wind

The prospects for the Export of the second-largest economy are bad. Economic barometer suggests that the export orders in may were on a downward trend. The exports had developed in the month of April with a Plus of 3.5 per cent is surprisingly good. But since the end of January had been since the Chinese new year, pending orders processed. Gold, commodities, currencies - the market analysis of the COT Report gives the correct view. (Partner offer) Now 30 days free of charge analysis to read!

China's exports would have to make new against the wind due to the lack of orders from abroad, in focus, said Bai Ming of the Chinese Academy of trade and economic cooperation to the "Global Times".

imports of goods fell in April to 14.2 percent. However, relatively experts for the new break-in may be something. "The decline in imports is mainly due to the high comparable figure in the previous year and the fall in commodity prices," said Xing Zhaopeng, Economist of the Australian ANZ Bank and the financial Agency Bloomberg. "The volume of most major imported goods has increased, which shows that China's economy is recovering gradually."

government revenue for the first time in decades, growth in target

The global uncertainties for China's economy had led the government in may but, for the first time in almost two decades, not a target for growth this year to pretend. It was broke in the first quarter to 6.8 percent. In 2019, the growth was at 6.1 percent, still within the target of 6.0 to 6.5 percent.

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However, the government intends to develop this year, around nine million new Jobs. For this, after all, three percent growth would be, according to expert view, necessary. With billions in aid and an increase in the state expenditure, the ailing economy should be stimulated.

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pom/dpa

Date Of Update: 07 June 2020, 14:27