Hong Kong (CNN Business) China is trying to dig itself out of a steep economic slump. But as the rest of the world still battles with the coronavirus pandemic, the path to recovery is looking slow and painful. Exports in the world's second largest economy last month dropped 3.3% in US dollar terms compared to a year ago, customs data released this weekend showed, reversing a 3.5% rise in April. Analysts attributed the downturn to weak demand abroad: While China began reopening its economy months ago, many other global powers only just started to lift some lockdown measures within the past few weeks. Imports last month plunged 16.7% in US dollar terms from a year ago — the deepest contraction since January 2016 — suggesting domestic demand remains sluggish.

Source: CNN June 08, 2020 09:11 UTC