China's export growth slowed to 4.8% year on year in May, down from 8.1% YoY in April. The data came in a little softer than market forecasts, and brought year-to-date export growth to 6.0% YoY. Exports to the US surprisingly decelerated despite the trade war reprieve, sliding -34.5% YoY in May to the $28.8bn level. That's down from -21.0% YoY in April. It’s likely that the May data continued to be weighed down by the peak tariff period. We expect that export growth to the US could recover in the coming months. We could see import front-loading amid the still elevated risk that tariffs could once again move higher in ... (full story)