China’s exports fell further in December as global demand continued to drop off, adding to pressure on the economy as it charts a hasty, uncertain path out of Covid Zero.
Exports in US dollar terms fell 9.9 percent in December from a year earlier, the General Administration of Customs said Friday. That beat economists’ estimate for a 11.1 percent drop, and compared with a decrease of 8.7 percent in the previous month. For the full year, exports rose 7 percent to a record $3.6 trillion.
Export growth was robust for most of 2022, providing some support for the world’s second-largest economy as it was hit by a housing market slump and weak consumer demand. China’s commerce ministry said Thursday the trade outlook remains uncertain as the global economy heads for recession. Authorities have taken a slew of measures to support exporters, including sending officials on chartered flights to meet overseas clients.
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