BEIJING : China's imports are expected to have contracted in May, despite a low base last year as a lockdown in Shanghai brought the country's biggest port to a standstill, while exports likely fell for the first time in three months, a Reuters poll showed.
Exports are expected to have shrank 0.4 per cent from a year earlier against growth of 8.5 per cent in April, reflecting weak global demand for Chinese goods and aligning with poor import performance since China brings in parts and materials from abroad to assemble into finished products for export.
The official PMI sub indexes for May showed factory output swung to contraction from expansion while new orders, including new exports, fell for a second month. China's economy grew faster than expected in the first quarter due to robust services consumption, but factory output has continued to lag amid persistent weak global growth.
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