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China export value falls 4.1pc in May, imports steady, slipping 0.4pc
CHINA's export value in May fell 4.1 per cent year on year while imports only slipped 0.4 per cent, according to customs statistics, Bloomberg reported.
"The worst time for Chinese exports has passed," said Royal Bank of Scotland economist Harrison Hu.
"The quantity of exports actually showed a subdued increase. The yuan also depreciated against a basket of currencies, which supports exports."
Car purchases increased 11 per cent to 1.76 million units in May for a ninth gain in 10 months, according to the China Passenger Car Association.
The slight import decline contrasted sharply with estimates of a 6.8 per cent slide in trade value, while exports were in line with Bloomberg's poll of economists.
But the World Bank cut its global growth estimate to 2.4 per cent for this year from the 2.9 per cent predicted in January.
"The worst time for Chinese exports has passed," said Royal Bank of Scotland economist Harrison Hu.
"The quantity of exports actually showed a subdued increase. The yuan also depreciated against a basket of currencies, which supports exports."
Car purchases increased 11 per cent to 1.76 million units in May for a ninth gain in 10 months, according to the China Passenger Car Association.
The slight import decline contrasted sharply with estimates of a 6.8 per cent slide in trade value, while exports were in line with Bloomberg's poll of economists.
But the World Bank cut its global growth estimate to 2.4 per cent for this year from the 2.9 per cent predicted in January.
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