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China records 1st annual export drop in seven years

China records 1st annual export drop in seven years

Posted on January 16, 2024   |  

China faced its first annual decline in exports in 2023, seeing a 4.6% drop, marking the first decrease since 2016's 7.7% decline.

Despite the yearly decline, December showed a positive trend with exports rising by 2.3% year on year in U.S. dollars, surpassing the forecasted 1.7% increase.

December's import figures indicated a 0.2% rise in U.S. dollars, slightly below the expected 0.3% increase. 

However, for the entire year of 2023, imports fell by 5.5%.

China's key trading partners in 2023 included the Association of Southeast Asian Nations (ASEAN) as the largest regional partner, followed by the European Union. 

The U.S. remained the top trading partner by country.

Notably, China had robust trade with Russia, seeing a 47% increase in exports to the country and almost a 13% rise in imports.

In terms of economic recovery, China likely ended 2023 with around 5% growth.



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