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. In 2022, Chinese exports increased by 7% from the year earlier. 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.

Source: CNN January 12, 2024 05:24 UTC