China's exports, imports declined sharply in May as global economy slows

China's exports fell 7.5% in May, indicating subdued global demand for Chinese goods.
China's imports dropped 4.5% in May, reflecting weak domestic demand as well as the slowing global economy.
Analysts have downgraded growth expectations for China's economy this year due to persistently weak export and import performance.
China's trade surplus narrowed as both exports and imports declined, though at a slower pace than in previous months.
China is buying more discounted Russian energy to meet domestic needs as global demand for Chinese goods declines.