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China exports, imports both down in 2023 NHK

China recorded a drop in the value of both its exports and imports last year in a further sign of slowing economic growth.

Customs authorities say exports amounted to 3.38 trillion dollars. That's down 4.6 percent from a year earlier. It's the first contraction in seven years.

Shipments to the US dropped 13.1 percent, a result of tensions between Beijing and Washington over semiconductors and other technologies. Exports to Europe declined 10.2 percent, and to Japan they fell 8.4 percent.

But shipments to Russia jumped 46.9 percent. That pushed up the value of all trade with Russia to a record 240.1 billion dollars.

China's annual imports also contracted by 5.5 percent on the back of weak domestic demand. That was largely due to a prolonged slump in the real estate market and a tough employment situation.
Summary
China experienced a contraction in both exports (down 4.6%) and imports (5.5% decline) last year, indicating slowing economic growth. Exports to the US, Europe, and Japan declined significantly, but shipments to Russia increased by 46.9%. The weakening domestic demand, particularly in the real
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ID: 87f34a23-f112-4828-9c3f-65ecb52e5d60

Category ID: nhk

URL: https://www3.nhk.or.jp/nhkworld/en/news/20240112_34/

Date: Jan. 12, 2024

Created: 2024/01/13 06:30

Updated: 2025/12/08 19:00

Last Read: 2024/01/13 11:16