Chinese exports and imports fell in 2023 – Kommersant
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In 2023, both China’s exports and imports declined simultaneously. Chinese exports last year decreased by 4.6%, amounting to $3.4 trillion, imports by 5.5%, to $2.6 trillion. Such data presented General Administration of Customs of the People’s Republic of China. This was the first decline in exports since 2016. China’s trade surplus also decreased by 6.2%, amounting to $823.2 billion.
China’s trade turnover with the United States decreased by 11.6% over the year, with exports decreasing by 13.1% and imports by 6.8%. In the case of the EU, trade turnover decreased by 7.1%, exports by 10.2%, imports by 0.9%. The only country with which China’s trade turnover is significant increased in 2023, Russia. The growth in trade turnover amounted to 26.3%. Exports grew by 46.9%, imports by 12.7%.
Poor performance for 2023 is associated with a decrease in demand due to the difficult macroeconomic situation and rising interest rates. Moreover, both in the world as a whole and in China, where the economy is recovering from the pandemic more slowly than expected. True, the data for December is more positive: exports grew by 2.3% (better than analysts’ expectations), imports by 0.2%. However, they are partly due to the fact that the comparison is with December 2022, when the sudden lifting of covid restrictions in China led to temporary interruptions in exports.
Read about how trade between Russia and China developed in 2023 in the Kommersant publication. “Product turnaround”.
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