Chinese exports dip 6.8% in early 2023; imports down 10.2%

Chinese exports continue on a declining trend in the first two months of 2023, showed official data on Tuesday, March 7, as global demand for goods produced in the country shows little signs of a rebound.

In the first two months of the year, remittances abroad fell 6.8% year-on-year compared with a 9.9% drop in December, according to General Administration of Customs data. The result was better than the drop of 9.0% expected by economists consulted by “The Wall Street Journal.”

The Chinese Customs authority released combined data for January and February to eliminate distortions caused by the Lunar New Year holiday in January this year.

Imports from China fell 10.2% in the period, compared to a drop of 7.5% in December and a decline estimated by economists at 5.1%.

The trade surplus for the first two months combined was $116.88 billion, compared with December’s $78.01 billion and the $84 billion expected by economists.

In terms of yuan, China’s exports increased by 0.9%, and imports decreased by 2.9% annually, resulting in a trade surplus of 810.32 billion yuan in the first two months of the year.

Source: Valor Econômico

To read the original news report, please see: https://valor.globo.com/mundo/noticia/2023/03/07/exportacoes-da-china-recuam-68percent-no-1o-bimestre-importacoes-caem-102percent.ghtml

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