China’s exports and imports continued to decline in the first two months of the year, clouding the outlook for the economy as it gradually begins recovering from Covid restrictions and infection waves. Know more:
China’s exports and imports continued to decline in the first two months of the year, clouding the outlook for the economy as it gradually begins recovering from Covid restrictions and infection waves.
Economists said the sharp decline in imports was largely a result of weaker commodity prices and a stronger dollar, rather than a sign of muted domestic demand. Trade data for the first two months of the year is typically combined to avoid distortions from the Lunar New Year holiday. Global demand for Chinese goods started falling in late 2022 as soaring inflation in the rest of the world and higher interest rates took a toll on consumer spending. Exports had been a key pillar of China’s economic growth over the last two years, helping to offset a slump in domestic spending as Covid restrictions curbed business and consumer confidence.
The outlook for global trade this year remains weak. Commerce Minister Wang Wentao said last week many companies have reported declining orders, while the value of orders is shrinking and long-term contracts are getting shorter.
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