China’s exports show record drop in three years

Chinese exports in June decreased by 12.4% compared to the same period last year. About informed Reuters, citing data from the General Administration of Customs (GTU) of the People’s Republic of China.

The import of goods into the country also decreased – by 6.8%. As explained in the Chinese department, a sharp drop in indicators is associated with a weak recovery in the global economy, as well as a slowdown in international trade and investment, etc. The drop in supplies was the highest since February 2020 – the start of the coronavirus pandemic. A decrease in exports was also noted in May this year (by 7.5%)

In November 2022, China also recorded a record drop in exports. Then there was a reduction of 8.7% (to $296.1 billion). At the same time, imports to the country that month fell by 10.6% to ($226.25 billion), which was the largest decline since May 2020.

This was due to restrictions of 20 to 25% of the Chinese economy in November, declared “Vedomosti” analyst “Opening Investments” Andrey Kochetkov. Shipments in ports fell under restrictions, this was reflected in the transportation of goods to ports from quarantine zones, which reduced business activity. Andrey Karneev, head of the HSE School of Asian Studies, noted that this may be due not only to lockdowns from the pandemic, but also to the general closure of the Chinese economy.