First Time in the Last 7 Years, China's Exports Fell by 4.6 Percent

Export illustration (ANTARA)

JAKARTA - China's exports have decreased for the first time in the last 7 years. The Bamboo Curtain country's exports will decline by 4.6 percent in 2023. This decline is the first since 2016 with 7.7 percent.

Import figures rose 0.2 percent in December compared to the previous year. This figure is estimated to be lower than analysts surveyed by Reuters who reached an increase of 0.3 percent.

China's trade with its main partners will decline in 2023 because demand for goods from China falls amid slowing global growth.

Reported by ANTARA, Sunday, January 14, ASEAN will become China's largest trading partner in 2023, followed by the European Union. However, as a country, the US remains China's largest trading partner.

As the largest oil importer, China said demand for crude oil would fall by 7.7 percent in 2023. Although that value is less than the decline in November of 8.1 percent.

China's exports in most product categories fell in 2023, with the exception of machinery, ships and household appliances.

Based on China Customs data, the automotive sector remains a bright sector, with exports surging by 69% in 2023 compared to last year.

This figure decreased slightly compared to the increase of 70.9% in the period January 2023 to November. China is expected to surpass Japan as the world's largest car exporter in 2023.

The rapid growth of the electric car market as well as demand from Russia has helped boost China's car exports.

“After Russia's invasion of Ukraine in February 2022, many automakers left the country only to fill the gap with Chinese manufacturers,” said Moody's Analytics economist Sarah Tan.

“In the first eleven months of 2023, car shipments to Russia increased by about six times the value of 2022,” he added.