CHINA RECORDS DECLINE IN EXPORTS, IMPORTS IN 2023

Mon 15 January 2024:

China witnessed a decrease in its exports and imports in 2023, indicating that the country’s post-pandemic economic recovery remained fragile throughout the year.

The country’s exports fell 4.6% to $3.38 trillion and imports 5.5% to $2.56 trillion year-on-year, according to recent data released by China’s General Administration of Customs.

China’s annual foreign trade volume fell 5% to $5.94 trillion in 2023.

Although December saw a 2.3% rise in exports to $303.6 billion and a 0.2% increase in imports to $228.2 billion, the overall year-on-year decline was unaffected last year.

Decline in exports, imports persist throughout 2023

The January-February period in 2023 posted a 6.8% decrease in exports, but rose 14.8% and 8.5% in March and April, respectively.

Exports soared by 7.5% in May, 12.4% in June, 14.5% in July, 8.8% in August, 6.2% in September, 6.4% in October, and 0.5% in November, for the first time in a considerable amount of time.

In terms of imports, although the January-February period last year saw an annual decrease of 10.2%, it signaled a recovery with a 1.4% drop in March. However, imports dropped 7.9% in April, 4.5% in May, 6.8% in June, 12.4% in July, 7.3% in August, and 6.2% in September.

Although October recorded an uptick of 3% in imports, which was the first time the figure saw an increase in eight months, November posted a 0.6% reduction.

The increase in exports and imports at the end of the year is largely due to the low base created by the decrease in exports caused by the COVID-19 restrictions in 2023’s winter season, and it does not indicate a change in the general downward trend, analysts say.

According to analysts, the increase in exports and imports at the end of the year is largely due to the low base created by the decrease in exports caused by the COVID-19 restrictions in the winter season of 2023, and it does not indicate a change in the general downward trend.

-Source: AA

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