China's annual exports experienced a decline for the first time since 2016 due to a slowdown in global demand. According to Chinese customs data, exports in 2023 were valued at $3.38 trillion, a decrease of 4.6% compared to the previous year. The last time China faced a drop in overseas shipments was in 2016 when exports fell by 7.7% due to weak demand. In 2023, imports also decreased by 5.5% to $2.56 trillion, resulting in a trade surplus of $823 billion for the second-largest economy in the world. A spokesperson for the General Administration of Customs attributed the decline in exports to the weak global economic recovery and sluggish external demand. They anticipate that exports in 2024 will continue to face challenges due to persistently weak global demand and obstacles related to protectionism and unilateralism.
Подпишитесь на нашу рассылку и получайте информацию о выходе новых статей, информацию об эксклюзивных скидках и другое
Или же подпишитесь на наш Telegram, чтоб всегда быть в курсе наших новостей.