HONG KONG, China -- Hopes for a China-led recovery to the world economy got a reality check Thursday, as government data showed the country's exports in May fell a record 26.4 percent compared to last year.
With recent disappointing trade figures from South Korea, Taiwan and Germany, the numbers out of China suggests no light yet in sight at the end of the recessionary tunnel.
"We see evidence globally that productivity has slowed again," says Frederic Neumann, senior economist at HSBC in Hong Kong. "You look month-on-month, it's all very disappointing readings ... it was not the big bounce that people are looking for."
The drop in China was the largest ever year-on-year drop of exports, larger than April's 22.6 percent drop and worse than analysts predicted. Imports to China dropped 25.2 percent last month, compared to 23 percent in April.
"We see evidence globally that productivity has slowed again," says Frederic Neumann, senior economist at HSBC in Hong Kong. "You look month-on-month, it's all very disappointing readings ... it was not the big bounce that people are looking for."
The drop in China was the largest ever year-on-year drop of exports, larger than April's 22.6 percent drop and worse than analysts predicted. Imports to China dropped 25.2 percent last month, compared to 23 percent in April.
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