China’s exports shrank sharply in December as global demand cooled, missing their typical year-end bounce, while imports tumbled again as surging COVID-19 infections and a property downturn weighed heavily on domestic demand. | Reuters
Imports fell 7.5 percent last month compared with a 10.6- percent decline in November, better than a forecast 9.8 percent decline.
An official factory activity survey showed a sub-index of new export orders has remained in contraction territory for 20 consecutive months. Policymakers have pledged to increase support for the economy as they are eager to underpin growth and ease disruptions caused by the sudden end to COVID-19 curbs.
Iris Pang, chief China economist at ING, estimated both exports and imports could continue to contract in the first half of 2023 from a year earlier, but said trade could recover towards the second half when domestic and external economies are expected to improve.
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