China's exports shrank sharply in December as global demand cooled, missing their typical year-end bounce, while imports tumbled again as surging COVID infections and a property downturn weighed heavily on domestic demand
Exports had been one of the few bright spots in the world's second-largest economy during the pandemic but deteriorated rapidly since late 2022 as consumers overseas slashed spending in response to central banks' aggressive rate hikes to tame inflation.teeters on the brink of recession
Imports fell 7.5% last month compared with a 10.6% decline in November, better than a forecast 9.8% decline. After three years, Chinese authorities have finally removed anti-virus curbs that disrupted port logistics and shut down factories in key manufacturing hubs. Chan expects more policy support for property developers and households to help bolster domestic demand, but added net trade is still likely to be a drag on China's growth this year.Moreover, a substantial share of China's imports are parts for products that are then re-exported, leaving those goods vulnerable to the downswing in global demand.by Reuters expect China's economic growth to rebound to 4.9% in 2023, before steadying in 2024, a Reuters poll showed.
Jin Chaofeng, whose company in the east coast city of Hangzhou exports outdoor rattan furniture, said he has no market expansion or hiring plans for 2023 as he remains cautious about the global demand outlook.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
China's exports seen cooling further in December on weak global demand, COVID woes: Reuters pollChina's export and imports are expected to have continued to struggle over December, due to the spread of COVID-19 in the country disrupting production lines and waning demand both at home and abroad, a Reuters poll showed on Thursday.
Baca lebih lajut »
China consumer inflation accelerates in Dec; PPI falls with soft demandChina's annual consumer inflation rate accelerated in December, driven by rising food prices even as domestic demand wavered amid restrained economic activity during the month.
Baca lebih lajut »
China’s December Trade Balance: Surplus expands amid mixed exports, imports dataChina's Trade Balance for December, in Chinese Yuan terms, came in at CNY550.1 billion versus CNY494.3 billion last. The exports dropped by 0.5% last
Baca lebih lajut »
Indonesia Risks Confrontation With China Over Gas Project in South China SeaAround a remote cluster of islands in the South China Sea, Indonesia is pushing back against Beijing’s expansive claims over the strategic waterway
Baca lebih lajut »
South Korea shares eye-opening Covid statistics to defend its new rules for travelers from ChinaSouth Korea hit back at claims its Covid rules for Chinese travelers are 'discriminatory,' saying more than half of its imported cases are coming from China.
Baca lebih lajut »
China defends its retaliation against South Korea, Japan COVID curbsChinese state media defended on Wednesday the retaliatory measures against South Korea and Japan over their COVID-19 travel curbs as 'reasonable', while Chinese tourists decried Seoul's 'insulting' treatment on social media.
Baca lebih lajut »