Drop in exports had the biggest reduction since the beginning of the covid-19 pandemic in 2020
Exports from China registered a drop of 14.5% in July compared to the same month of the previous year. The country had US$ 281.8 billion in foreign sales. The data were released by the Chinese General Administration of Customs this Tuesday (8.Aug.2023).
The country’s trade surplus fell 20.4%, compared to the registered 1 year ago, to US$ 80.6 billion. The decline in exports has seen the biggest drop since the beginning of the covid-19 pandemic in 2020.
According to the Chinese organ, imports also dropped by 12.4% in July compared to the previous year, totaling US$ 201.16 billion.
Demand for Chinese goods fell after interest rate hikes in the US and Europe.
China’s exports to the US dropped 23% year-on-year to US$42.3 billion, while US imports dropped 11.1% to US$12 billion.
Chinese exports to the European Union, on the other hand, had an even greater drop, of 39.5%, in relation to the previous year, reaching US$ 42.4 billion. Imports from the bloc’s countries also fell 44.1%, to US$ 23.3 billion.