China’s trade expanded for a seventh straight month in May. Export growth of 9% and an import expansion of 15% in dollar terms both outpaced economists’ expectations. The rate of import growth is slowing though, and may fall further given the recent worsening of the purchasing managers’ outlook. Export growth is increasingly reliant on the EU and the U.S., with a 10% and 14% increase respectively. That compares to growth of just 7% in shipments to ASEAN countries and a 10% drop to Hong Kong. The increase in U.S.-bound exports took the 12 month trailing trade surplus with it to $257 billi...