- ORIGINAL NEWS
China’s annual exports drop for the first time in seven years
- SUMMARY
China’s annual exports had a dramatic 4.6% drop in 2023, marking the first annual decline since 2016.
This dip is largely due to lower demand for Chinese goods as the global economy slows down.
In December however, exports experienced an unexpected 2.3% growth.
Imports faced a 5.5% decline last year, the first since 2020.
This can be attributed to lower demand and a more subdued Chinese economy.
Regional trade partners like ASEAN and the European Union faced declines, while Russia emerged as a positive exception with exports and imports showing growth.
China’s auto industry was a bright spot, with exports witnessing an impressive 69% surge in 2023, outpacing Japan and becoming the world’s leading exporter of cars.
The electric vehicle market and demand from Russia contributed to this growth.
However, the overall economic recovery has been slower than expected, with GDP growth likely around 5% in 2023.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Exports rose by 2.3% year on year in U.S. dollar terms last month, more than the 1.7% increase forecast by a Reuters poll.”
“Auto exports surged by 69% in 2023 from a year ago”
Negative
“China’s annual exports fell for the first time in seven years in 2023”
“But for 2023, exports fell 4.6%, the first such annual drop since a 7.7% decline in 2016.”