Everything about China and it's culture

Everything about China and it's culture

Exports plunge 26.4% in May, down for 7th month

China’s exports plunged in May for a seventh month as the global downturn battered trade, while imports also dropped sharply, the government reported Thursday.

May exports fell 26.4 percent from a year earlier, the customs agency reported. That was sharper than April’s 22.6 decline and far below March’s 17.2 percent contraction.Chinese trade collapsed in late 2008 as the global economic crisis cut into demand for Chinese exports. The slump forced thousands of factories to close and threw millions of migrants out of work.

The government is trying to shield China from the downturn by pumping up domestic consumption with a 4 trillion yuan ($586 billion) earmarked for higher spending on public works construction and other initiatives.

May imports dropped by 25.2 percent, the agency said. That was worse than April’s 23 percent fall and matched March’s decline.The decline suggested Chinese demand for iron ore, industrial components and other foreign products is still weak.

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