China Saw Its Largest Export Decline In Three Years In December

On January 13, the General Administration of Customs of the Chinese Communist Party (GAC) announced that in U.S. dollar terms, Communist China’s exports in December last year were $306.079 billion, down 9.9% from a year earlier. This was the second monthly decline after an 8.7% drop in November and the largest drop since the epidemic began in 2020. Imports were $228.066 billion, down 7.5% from a year earlier.

 Exports have been the main engine of Communist China’s economy for three years since the covid pandemic, with a strong global demand for Communist China’s goods, especially medical products such as masks and teleworking equipment, due to the pandemic lockdowns. However, international demand for Chinese products continues to weaken due to the economic recession in Europe and the United States and the CCP’s Zero Covid Policy.

 In October last year, China’s exports unexpectedly fell 0.3% year-on-year, and imports also fell 0.7%. In November, foreign trade performance deteriorated further, with exports down 8.7% year-over-year and imports down an even wider 10.6%.

 Communist China’s main trading partners are Southeast Asia, the European Union, and the United States. However, in 2022, Communist China’s trade with Russia increased by 29.3% to a record $190.271 billion.