Damage is done: China exports to US in May see biggest drop since Covid as trade flows reroute to Asean
China’s May shipments to the US plunge 34.4% while Beijing wields soybean purchases as bargaining power amid trade talks
Add BT as a preferred source
[SINGAPORE] While the US and China seemed to have avoided a devastating economic conflict with a framework agreement on Wednesday (Jun 11) after two days of intense negotiations, damage to the world’s richest trading relationship has already been done.
Based on figures from Trade Data Monitor, Chinese shipments to the US in May plummeted 34.4 per cent year on year to US$28.8 billion – the steepest decline since pandemic disruptions began in February 2020, as Beijing rerouted trade flows.
Meanwhile, Chinese imports from the US in May fell 17.9 per cent to US$10.8 billion, suggesting a “collapsing” trading relationship between the two biggest economies, noted John Miller, chief economic analyst at Trade Data Monitor.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Singapore at 61: How we can ensure opportunity, security and ownership for the next generation
With tech for fact-checking to cancer care, Singapore startups aim beyond home
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
Why Asean matters more than ever to the UK and Singapore
