China’s exports fell 9.9% year on year in US dollars in December, slightly less than the 10% drop predicted in a Reuters poll.
In US dollar terms, China’s imports fell 7.5% year on year in December, beating Reuters’ prediction of a 9.8% drop.
In the last two years, China’s economy has benefited from strong exports. However, economists predict a slowdown in demand from the United States and Europe.
Wind Information, China’s exports began to fall year on year in October for the first time since May 2020.
China’s exports increased by 7.7% in 2022, while imports increased by 1.1%, according to the customs agency.
Official figures, cross-border e-commerce between China and other countries increased by 9.8% year on year in 2022 to 2.11 trillion yuan ($301.42 billion). Direct-to-consumer exports increased by 11.7% year on year.
However, this represents a slowdown from 2021, when China’s cross-border e-commerce increased by 15% to 1.98 trillion yuan ($311.5 billion), while exports increased by 24.5%.
In 2022, China’s imports from the EU and the US fell, while those from ASEAN increased slightly.