China's exports and imports fall amid coronavirus woes

China's exports and imports both fell in May as the coronavirus and trade tensions with the US weighed on demand both at home and abroad. Exports fell 3.3 percent compared to a year earlier to USD 206.8 billion and imports dropped 16.7 percent to USD 143.9 billion, the Chinese customs agency said Sunday.

The plunge in imports drove the country's trade surplus up to USD 62.9 billion. The surplus with the United States reached USD 27.9 billion. The fall in exports came after a surprise 3.5% rise the previous month. Exports to the US totaled USD 37. 2 billion, while imports from the US were USD 9.3 billion.

Analysts were expecting the decline in exports, attributing April's rise to orders placed before virus restrictions hit overseas economies and predicting that American and European customers would likely cancel other orders.