11 June 2009 11:03 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s trade in May continued to tumble due to weak global demand, with the long holidays during the month aggravating the year-on-year decline, government data released on Thursday showed.
Imports plunged 25.2% year on year to $75.37bn (€54.27bn) while exports fell 26.4% to $88.76bn, China Customs said.
The three-day Labour holiday and another three-day Dragon Boat Festival shortened the working days last month and had a negative impact on trade, it said.
Taking out the holiday effects, the government agency estimated that imports would have just declined 17.7% compared to a year earlier and exports' decline would have been slightly lower at 22.8%.
In the first five months of the year, shipments of goods were down 21.8% to $426.1bn while imports declined by 28% to $337.3bn, the statistics showed.
($1 = €0.72)
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