- China’s exports fell in July, reducing hopes for a recovery after the pandemic.
- The Wall Street Journal reports that the country’s exports have fallen at their fastest pace since February 2020.
- The increased geopolitical tensions in the US and China have led some Western buyers, who are looking for their supply chain requirements elsewhere.
China’s hopes for a post pandemic recovery have not materialized, and its latest export figures suggest that the economy is still struggling to recover even after COVID locksdowns were lifted last year.
Chinese customs data, cited by the Wall Street Journal.
Outbound shipments from China fell 14.5% annually, despite a surge in trade with Russia. The increased geopolitical tensions in Washington and Beijing have impacted Western business relations, especially China’s exports. They fell by over 20%.
Exports fell 12% also in June, government data show.
China’s economic recovery has not materialized in 2023, despite the fact that COVID-19 was eased last year. The housing market is unstable, local spending and foreign investment are down, and deflation is looming.
A recent report by the Terry Group, a consultancy, suggested that China is not only experiencing a shrinking population but also a declining economy. Drop in the number of citizens working age. Researchers say it will be difficult to reverse the trend.
Researchers from the Terry Group said that in 1975 there were 13 times more children than elderly people in China. By 2050, UN projections predict that there will twice as many older people as children.
Officials in Beijing have been trying to muffle the downbeat mood. According to The Financial Times, the government warned economists and analysts. Not to portray the economy in a bad light.
