From Wall Street Journal,

“Merchandise exports in May fell 26.4% from a year earlier, China’s Customs agency said Thursday, accelerating from April’s 22.6% decline as global demand remained weak. China’s imports also extended their fall, dropping 25.2% in May from a year earlier after shrinking 23% in April.”

So the raw material isn't yet pouring into China as we might have suspected, at least the data say so.  

NYT articles here, and another blog post on the same subjects with more graphs can be seen here.