MNI BRIEF: China's May Exports +4.8%; Imports -3.4%

China's exports grew 4.8% y/y to USD316.10 billion in May following April's 8.1% increase, lower than the 6.0% y/y consensus, according to data released by China Customs on Monday.

Imports registered a 3.4% decrease in May, expanding from the prior month's 0.2% fall and the 1.0% decrease forecasted by the market. 

China’s trade surplus in May hit USD103.2 billion, compared with the consensus of USD101.1 billion, amounting to a surplus of USD471.89 billion in the first five months. Exports to the U.S. have fallen 9.7% in the Jan-May period, while imports declined 7.4%. Exports to the EU have risen 6.4% over the same period, while imports were down 7.3%.