Monitoring Desk
BEIJING: China’s exports decreased at their fastest rate since 2020, in December, according to government data released on Friday.
The decrease has been attributed to decline in global demand and severe economic impact by the health regulations. At the beginning of last month, China started to relax most of its strict regulations, but since then, the number of Covid-19 infections has surged.
China Customs said that exports decreased 9.9% yearly to $30.6 billion, marking the second straight month of declines and the most significant decline since the early stages of the pandemic in 2020. November saw an 8.7 percent decline.
Imports in December
Additionally, imports fell by 7.5 percent in December after falling by 10.6 percent the previous month. In a Bloomberg survey of economists, both imports and exports fell far more than anticipated. The Asian giant’s exports increased by 7.0 percent for the entire year of 2022, a significant down from the 29.9 percent increase witnessed the year prior, while imports increased by 1.1 percent, a substantial decline from the 30.1 percent increase in 2021.
