Beijing: Chinese imports fell for a seventh straight month in May while exports also sank, data showed today, as the world's second biggest economy shows protracted weakness in the face of government easing measures.
The disappointing figures also come as leaders try to transform the economy from one where growth is driven by consumer spending rather than government investment and exports.
Imports slumped 17.6 percent year on year to USD 131.26 billion, the General Administration of Customs said in a statement.
The decline was much sharper than the median forecast of a 10 percent fall in a Bloomberg News poll of economists and followed April's 16.2 percent drop.
"Import growth disappointed the market with a fall even larger than that in April, suggesting domestic demand remained weak," Nomura economist Zhao Yang said in a research note.
Exports dropped for the third consecutive month, falling 2.5 percent to USD 190.75 billion, Customs said, although that was better than the median estimate of a four percent fall in the Bloomberg survey.
The sharp decrease in imports meant the trade surplus expanded 65.6 percent year on year to USD 59.49 billion, according to the data.
In yuan terms imports fell 18.1 percent, exports decreased 2.8 percent and the trade surplus expanded 65.0 percent.
