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  • Writer's pictureBy The Financial District

China's Exports Slump For The First Time In 7 Years

China’s full-year exports fell for the first time since 2016 as global demand slowed. Exports measured in US dollar terms stood at $3.38 trillion in 2023, down by 4.6% compared to the year before, according to the latest Chinese customs figures released.


The last time China registered a decline in overseas shipments was in 2016 when exports fell 7.7% in the face of weak demand.



In 2022, Chinese exports increased by 7% from the year earlier, Laura He reported for CNN. The last time China registered a decline in overseas shipments was in 2016 when exports fell 7.7% in the face of weak demand.


Last year, imports fell 5.5% to $2.56 trillion. That left the world’s second-largest economy with a trade surplus of $823 billion.



“The global economic recovery has been weak in the past year,” Lyu Daliang, a spokesperson for the General Administration of Customs, told a Friday press conference in Beijing.


“Sluggish external demand has hit China’s exports.”


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

He expects 2024’s exports to continue facing “difficulties” as global demand is likely to remain weak and “protectionism and unilateralism” will hinder the sector’s growth, he added.


There is a silver lining, though. In December, exports rose 2.3% from the same month a year ago, marking a second straight month of growth and suggesting a slight improvement in the global appetite for Chinese goods.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

The country’s exports had dropped for six consecutive months before November.


The US remained China’s largest single-country trading partner in 2023, as bilateral trade accounted for 11.2% of total trade. However, that value was down 11.6% from the 2022 total.




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