China's Exports Experience First Slump in Seven Years
China's exports drop for the first time in 7 years due to sluggish global demand, resulting in a decline in full-year exports since 2016
Subscribe to CNN's Meanwhile in China newsletter to stay informed about the country's economic growth and its global impact. In a noteworthy development, China's exports for the entire year declined for the first time since 2016 due to a slowdown in global demand.
In 2023, Chinese exports in US dollar terms totaled $3.38 trillion, representing a 4.6% decrease from the previous year. This comes after a 7% increase in exports in 2022. The last time China saw a decline in exports was in 2016, when overseas shipments fell 7.7% due to weak demand.
Imports decreased by 5.5% to $2.56 trillion last year, resulting in a trade surplus of $823 billion for the world's second largest economy. According to Lyu Daliang, a spokesperson for the General Administration of Customs, the weak global economic recovery in the past year has affected China's exports due to sluggish external demand.
He anticipates that exports in 2024 will continue to encounter challenges due to ongoing global demand weakness, and obstacles from protectionism and unilateralism that will hinder sector growth, he noted. This is a developing story and will be updated.
