Chinese exports decreased in January and February, data from the customs administration showed on Tuesday, reflecting persistently weak foreign demand during a period of rising interest rates in many major economies.
Exports in the first two months of this year fell by 6.8 percent compared to the same period last year, reported the customs administration, which consolidated data for January and February to mitigate the impact of changes related to the Lunar New Year holiday. In December, exports decreased by 9.9 percent.
Despite the reopening of the economy following the lifting of strict COVID-19 containment measures, imports recorded a double-digit decline in the first two months of 2023, plunging by 10.2 percent, after a 7.5 percent decrease in December.
Imports of semiconductors fell by 26.5 percent, while imports of oil and natural gas decreased by 1.3 and 9.4 percent, respectively. Conversely, imports of coal and soybeans saw a significant increase.
Exports to the U.S. decreased by 21.8 percent, and exports to the EU fell by 12.2 percent. China also reduced imports from two major partners by 5 and 5.5 percent, respectively.
The balance of China’s trade with the world showed a surplus of about 117 billion dollars.
Commerce Minister Wang Wentao warned last Thursday that negative pressure on Chinese imports and exports will significantly strengthen this year due to the threat of a global recession and weakening external demand.
Beijing announced last weekend that it aims for an economic growth of about five percent this year, lower than what was signaled last year, stating that the upper limit of the targeted range could be set at six percent. In 2022, GDP grew by only three percent.
