Exports for the year as a whole fell for the first time since 2016 as global demand for Chinese-made goods (other than cars) slowed, according to customs data released on Friday.
Exports measured in US dollar terms stood at $3.38 trillion in 2023, down by 4.6% compared to the year before.
The last time China registered a decline in overseas shipments was in 2016, when exports fell 7.7%.
“Sluggish external demand has hit China’s exports.”He expects China will continue to face “difficulties” on export markets as global demand is likely to remain weak and “protectionism and unilateralism” hinder growth, he added.
The United States remained China’s largest single-country trading partner in 2023, accounting for 11.2% of total trade.
Persons:
” Lyu, ” Goldman Sachs, Price, won’t, ”
Organizations:
Hong Kong CNN, National Bureau of Statistics, Imports, Administration of Customs, Bloomberg, Getty, PPI, Capital Economics, AFP, ASEAN, European Union
Locations:
China, Hong Kong, Beijing, Russia, United States, Washington, Taicang Port, China's, Jiangsu, Southeast Asia, That’s, “, Japan