The General Administration of Customs in China released the monthly import and export data for the month of May yesterday. Exports were down -4.10% on a year over year basis while imports fell -0.40% in May. The data was lower than what some economists expected. China's trade surplus was at $49.98 billion in May, slightly lower than in April. May's print was also lower than the consensus estimates of $55.60 billion. Weak global demand, especially from China's key trading partners including Japan and the Eurozone was seen as the reason for the slump in exports, but demand is expected to pick up later in the year.