China’s trade fell at the start of 2023
The global slowdown is the main factor behind the trade decline experienced by China in the first two months of 2023
China’s trade registered a contraction of 8.3 % in the months of January and February as a result of the slowdown in activity worldwide and weaker domestic demand, according to data from the General Administration of Customs of the Asian giant.
The volume of China’s trade in the first two months of 2023 totaled 895,717 million dollars (840,485 million euros), which represents a decline of 8.3% compared to the same period of the previous year.
Chinese exports totaled 506,300 million dollars (475,081 million euros), which represents a drop of 6.8 %, while foreign purchases from the Asian giant reached a total value of 389,420 million dollars (365,408 million euros). , a figure that represents a drop of 10.2 % in the year-on-year comparison.
Thus, in the first two months of 2023, China registered a trade surplus of 116,890 million dollars (109,682 million euros). “China’s import volumes were little changed at the start of the year, disappointing hopes for a rebound. But we still believe the reopening will eventually fuel a rebound in imports,” said Zichun Huang, China economist at Capital Economics consultancy.
“Although exports fared better than feared, they may fall again before long as momentum from the end of virus restrictions fades and cooling foreign demand remains a drag.” he added.
On the other hand, information from the General Administration of Customs of China revealed that during the first two months of the year, China’s trade with the European Union decreased by 10, to 123,359 million dollars (115,752 million euros).
Exports from China to the EU and other countries
Chinese exports to the EU fell 12.2 %, to 80,098 million dollars (75,159 million euros), while imports fell 5.5 %, to 30,278 million dollars (40,592 million euros).
In the case of the United States, trade with China between January and February totaled 101,847 million dollars (95,567 million euros), 17.4 % less, with a drop of 21.8 % in Chinese exports, up to 71,570 million dollars (65,157 million euros) and a 5 % drop in imports, up to 30,278 million dollars (28,411 million euros).
On its side, in the first two months of 2023, the Asian giant increased its trade with Russia by 25.9 %, up to 33,685 million dollars (31,608 million euros). China increased its exports to Russia by 19.8 % annually, up to 15,036 million dollars (14,109 million euros), while imports from Russia reached 18,649 million dollars (17,499 million euros), 31.3 % more.
(Reference image source: Unsplash, in collaboration with Casey Horner)
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