China’s exports showed their first annual decline since 2016. writes about this Bloomberg.
According to last year’s results, China sold $3.38 trillion worth of goods to the rest of the world; this is 4.6% less than the 2022 record figure. Imports decreased by 5.5% in the last 12 months, causing the year-wide surplus to reach 823 billion dollars.
Exports to the US fell 6.9% in December compared to the previous year, while shipments to the EU fell 1.9%. Sales to regional partners such as Japan, South Korea and Southeast Asia also fell.
Shrinking global demand and falling prices have damaged the pillars of growth in the world’s second largest economy. The real estate sector in the country continues to be under threat. Concerns about deflation also continue to grow, with leading economists calling for more policy support from the government.
By the way, trade turnover between China and Russia in 2023 Established New Record. While this figure reached 240.11 billion dollars, exports from China increased by 46.9% to approximately 110.97 billion dollars during this period.
Previously Chinese President Xi Jinping stated About China’s readiness to deepen relations with the Russian Federation.