China: China’s exports fell the most in three years due to a decrease in global demand for Chinese goods. Customs data released on the 12th of July 2023 revealed that Chinese exports recorded a 12.4 percent decline in June 2023 compared to the same period last year.
Amidst rising interest rates, the latest data shows the challenging global economic outlook as China, the world’s largest exporter, witnessed a 7.5 percent decline in exports in May 2023, followed by recent figures indicating a continued difficult environment.
The strict lockdowns and tests as part of the country’s zero COVID policy have affected most businesses. China is also facing significant retaliations from certain countries including the US, which restricted the Chinese tech products relating to national security allegations.
In recent months, factory activity in China has been shrinking accompanied by consumer prices hovering near the brink of deflation in June 2023. Additionally, producer prices experienced their most rapid decline in over seven years.
Mr. Lv Daliang, a spokesperson for the General Administration of Customs, said China’s trade had been affected by “a weak global economic recovery, slowing global trade and investment, and rising unilateralism, protectionism and geopolitics”.
Beijing has set a growth target of about 5 percent for this year amid tough economic conditions at home and overseas, as per the statement. Now Chinese officials have pledged to take speedy action regarding this crisis.
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