China Records Biggest Decline in Exports Since 2020

China witnessed its largest decline in exports last month since the year 2020, as indicated by official figures released on Tuesday. This comes as the world's second-largest economy grapples with weak global demand and internal slowdown.

The sales of Chinese goods in international markets dropped by 14.5 percent on a yearly basis last month, marking the third consecutive monthly contraction, according to the figures provided in dollars by the Chinese Customs Administration.

This decline is the most significant since a 17.2 percent drop in January/February 2020 when the Chinese economy faced a standstill in the early weeks of the COVID-19 pandemic.

Except for increases in March/April and April/May, Chinese exports have consistently declined since October 2022.

The possibility of a recession in the United States and Europe coupled with high inflation rates has contributed to weakening global demand for Chinese products in recent months.

Chinese exports had declined by 12.4 percent on a yearly basis in June.

The ongoing challenges in the global economic landscape, compounded by external factors such as trade tensions and the ongoing pandemic, have led to a slowdown in China's export performance. The downturn highlights the interconnectedness of the global economy and the need for collaborative efforts to address these challenges and stabilize international trade.
















AFP