China's export rate at lowest level in three years

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China's exports and imports, the world's second-largest economy, fell less than expected last month as global demand waned.

China's export rate at lowest level in three years

Official figures show that compared to last July, exports inChina, the world economic giant, fell by 14.5 percent and imports by 12.4 percent.

These figures mark the country's worst export figures since February 2020.

China's exports to the United States, one of its biggest markets, decreased by 23.1 percent compared to the same month last year. European Union (EU) imports from China also fell 20.6 percent compared to last July.

These trade figures have reinforced concerns that the country's growth figures could slow further this year. These figures are likely to increase pressure on Beijing to focus on post-pandemic economic development.

DEMAND FOR CHINA'S PRODUCTS DECLINING

The rising cost of living and the cost of borrowing around the world are reducing demand for China's goods, slowing the country's post-pandemic economic recovery.

After 3 years of strict curfews and restrictions, demand for consumption has also fallen more than expected inside China.

Businesses and consumers are hesitant to make large expenditures as a result of the lockdowns, leading to a shortage of goods. Therefore, contrary to the global trend, prices are falling in China.

Despite facing youth unemployment and a housing crisis, Beijing has not introduced any radical policies to revive the economy.

According to data from the Turkish Statistical Institute (TurkStat), China was Türkiye's top import destination in June 2023 with $3 billion 756 million.

Source: BBC

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