Analysis: China’s Exports Slow as U.S. Shipments Plunge

China’s export growth slowed to 4.8% year-on-year in May from 8.1% in April, a negative surprise to the consensus expectation of 6% growth.

On a seasonally adjusted basis, our preliminary estimate suggests the shipment level expanded 0.7% month-on-month in May, following a contraction of greater than 1% in April. The sequential shipment expansion led to further strength in export momentum.