Free Trial

MNI BRIEF: China's 2022 Exports See Steady Upside; Up 7.0% Y/Y

MNI (Singapore)

China's exports grew 7.0% y/y and imports gaining 1.1% y/y, both recorded back of a tough international and domestic outlook, China Customs said at its data press conference on Friday.

December's exports, weighed by the Covid infection peak as well as the high base effect, fell 9.9% y/y, marking the third consecutive month of decline, extending further from last month's 8.9% y/y fall but smaller than the consensus of an 11.5% y/y decrease. Imports fell 7.5% y/y in December, narrowing from the 10.6% y/y fall reported in November, but better than than 9.9% y/y decrease forecast by the market.

Exports in the year totaled USD3.59 trillion, with imports at USD2.72 trillion. The trade surplus over the year was USD877.6 billion, with December contributing USD78.01 billion. The United States still ranked the biggest buyer in 2022 with imports from China growing 1.2% y/y, and European Union purchasing increasing 8.6%, compared with a year ago. Imports from the US edged down 1.1% in 2022, and those from the EU fell 7.9%.

True
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.