German media: Weak Business in China has hit key German industries such as machinery manufacturing hard

The epidemic crisis in China has largely receded and the immediate priority is economic turmoil. China's exports in May were higher than expected but imports fell sharply, according to the latest figures from the country's customs agency. German media weekly Focus noted that German exports to China fell 14.8 percent, with key industries such as machinery manufacturing hit hard.

The recession has hit China hard. The world's largest trade in goods fell 9.3 per cent in May, while total exports fell 3.3 per cent. That was the figure announced by China customs on Sunday in Beijing. In dollar terms, imports were even down 16.7 per cent from the same period last year, according to the data.

The export performance was better than expected in spite of falling global demand. However, imports were lower than expected. As a result, China's trade surplus reached a record $62.93 billion, its highest monthly level ever.

China's total trade with Germany fell 9.4 percent in May. Chinese purchases of German goods fell 14.8 percent, while exports to Germany fell 2.2 percent. Weakness in China has hit key German industries such as machinery manufacturing, where exports to China fell 8.9 per cent in the first quarter.
Overall, trade in goods between China and the EU fell 7.3 per cent in May. Exports to the EU fell by 4.1 per cent, while imports from the EU fell by 11.8 per cent. Total trade with the United States fell 12.7 percent from a year earlier. The two largest economies have already imposed punitive tariffs on each other for two years in a trade war, and now the epidemic has added to that. China's total exports to the United States fell 14.3 percent in May, while imports from the United States shrank 7.6 percent.