China's Exports Post Biggest Drop In 3 Years

China's Exports Post Biggest Drop In 3 Years

Aug. 9, 2023, 7:37 a.m.

China's exports in July fell 14.5 percent from a year earlier in dollar terms, posting the biggest drop in three years and five months.

China's customs authorities published the trade statistics on Tuesday. The data show exports fell for three months in a row. The year-on-year decrease is the largest since February 2020, when the economy slowed due to the coronavirus pandemic.

This is mainly because exports to the United States, Europe and Southeast Asia all declined more than 20 percent. Notably affected items include personal computers and clothing.

Imports also fell 12.4 percent from a year earlier, apparently reflecting a lack of strength in the recovery of domestic demand.

China's economic recovery continues to proceed at a slow pace, even after the end of the government's strict zero-COVID policy.

This is attributed to sluggish domestic demand and falling exports due to the slowdown of overseas economies.

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