Earth Science News
TRADE WARS
Chinese foreign trade starts new year in a slump
Chinese foreign trade starts new year in a slump
by AFP Staff Writers
Beijing (AFP) March 7, 2023

China's exports and imports fell during the first two months of 2023, according to official data Tuesday, hit by sluggish overseas demand, a massive Covid wave and market concerns over rising US tensions.

The country's exports in January and February tumbled 6.8 percent on-year, though that was an improvement on the 9.9 percent drop in December, customs records showed.

Imports fell 10.2 percent during the same period -- worse than the 7.5 percent drop recorded in December.

The latest figures come as the threat of recession looms over the US and European economies, where galloping inflation is contributing to a sag in demand for Chinese products.

Turbulence in China-US relations continued to weigh on trade between the world's two leading economies, with Chinese exports to the United States down 21.8 percent in January-February.

US imports to China, meanwhile, fell 5.0 percent.

Beijing is "clearly aware of the challenge the economy faces from weak global demand and the risk of supply chains relocating away from China", said economist Zhiwei Zhang of Pinpoint Asset Management.

This is why authorities are making it a "top priority" to "boost confidence among private and foreign investors in China", added Zhang.

The country's customs department typically releases combined trade data for the first two years of the month owing to the lengthy annual Lunar New Year holiday.

The trade data come after China's outgoing Premier Li Keqiang on Sunday said the country's economy would expand "around five percent" this year, slightly below what analysts had predicted.

The world's second-largest economy grew three percent last year, missing its target of around 5.5 percent under the impact of strict Covid-19 containment policies and a property crisis.

sbr-pfc/je/dan

MIZUHO FINANCIAL GROUP

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
EU eyes trade deal with US to access green benefits
Washington (AFP) March 3, 2023
The European Union is seeking a trade agreement with the United States that will allow the EU to access some benefits under President Joe Biden's ambitious climate plan, an EU official said Friday. Officials are hoping to make progress on this as early as next week, when Biden hosts European Commission chief Ursula von der Leyen at the White House. In those talks next Friday, Western support for Ukraine, relations with China, and transatlantic trade friction are expected to top the agenda. D ... read more

TRADE WARS
FocusPoint International secures capital commitment to expand emergency SOS solution

Surge in arms smuggling fuels violence in Haiti, UN warns

Turkish rescuers save trapped dog three weeks after quake

Children in quake-hit Syria face 'catastrophic threats': UN

TRADE WARS
Oil, chemical companies sue to overturn Canada plastics ban

Take the Next Giant Leap With NASA and Minecraft

Meta slashes prices for Quest headsets to boost VR use

Machine magic or art menace? Japan's first AI manga

TRADE WARS
La Nina ending but warming El Nino may strike soon: UN

Erdogan says May election to go ahead despite Turkey quake

Rising seas eating away at Honduran fishing village

In Sierra Leone, the people fighting the sea to build a home

TRADE WARS
Antarctic Peninsula glaciers on the run

Sea ice in Antarctic at record low: US data center

Blame the warmth: Famed skating rink in Ottawa won't open this year

New results provide close-up view of melting underneath Thwaites Glacier

TRADE WARS
Kim says N. Korea must meet grain production goals 'without fail'

Syria landmine blasts kill 10 truffle hunters

Walloped by hurricane, Cuba's tobacco sector struggles to its feet

North Korea's Kim opens key meeting on agriculture

TRADE WARS
Earthquakes, back-to-back cyclones batter Vanuatu

Cyclone Judy lashes Vanuatu

Quake killed more than 50,000 in Turkey, Syria: revised toll

PNG has 6.2 quake; Magnitude 6.1 quake shakes Japan's Hokkaido

TRADE WARS
Macron says era of French interference in Africa is 'over'

France's Macron kicks off four-nation tour of Africa

Macron plans 'noticeable reduction' of French troops in Africa

Algeria and Russia aim to boost military ties

TRADE WARS
Vast cemetery in Iraq echoes 14 centuries of life and death

In Old Cairo, residents reconnect with their heritage

Back to the time of the first Homo Sapiens with a futuristic clock, the new Radiocarbon 3.0

Iraq dig uncovers 5,000 year old pub restaurant

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.