Prices of goods produced by Chinese factories fell at their fastest annual rate in four years in May as the coronavirus pandemic undermines global demand for the country’s exports.
Producer prices fell by 3.7 per cent in May compared with the same month last year, according to official statistics. The data, which were worse than economists had forecast, mean that China’s factory gate deflation has accelerated every month since February.
Exports to the US fell 11 per cent in the first five months of the year, according to recently released trade data, despite a rebound in domestic business activity as China recovers from the outbreak.
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