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MNI BRIEF: China Exports -4.6% Y/Y In 2023, Imports -5.5% Y/Y

MNI (Singapore)
(MNI) Beijing

China's exports registered a 4.6% y/y decline in 2023, compared with the 10.5% growth made in 2022, the first yearly decrease in seven years, data released by Customs on Friday showed.

Exports in December of 2023 increased 2.3% from a year earlier, beating the 1.6% y/y forecast and up from the 0.5% y/y rise in November.

Imports rose 0.2% y/y in December, catching up from last month's 0.6% y/y fall and beating the 0.0% y/y consensus. Imports in 2023 dropped 5.5% y/y, compared with last 4.3% growth in 2022, marking the first yearly drop since 2020.

The trade surplus over the 2023 was USD823.2 billion, with December contributing USD75.34 billion, following last month's USD56.5 billion surplus.


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