Amid the economic crisis, Chinese exports saw a downfall for the first time since 2016 after global demand for Chinese-made goods slowed in 2023, citing the Customs data released on Friday.
According to CNN, the Chinese economy is struggling to stem deflationary pressures and consumer price inflation in 2023 was the weakest it has been in 14 years.
Chinese exports were measured at USD 3.38 trillion in 2023, down by 4.6 per cent compared to the year before. In 2022, Chinese exports increased by 7 per cent from the year earlier. The last time China registered a decline in overseas shipments was in 2016 when exports fell 7.7 per cent.
Imports also fell last year, by 5.5 per cent to USD 2.56 trillion, adding that it left the world’s second-largest economy with a trade surplus of USD 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, adding, “Sluggish external demand has hit China’s exports.”
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