China's exports shrank sharply in December as global demand cooled, missing their typical year-end bounce, while imports tumbled again as surging COVID infections and a property downturn weighed heavily on domestic demand
Exports had been one of the few bright spots in the world's second-largest economy during the pandemic but deteriorated rapidly since late 2022 as consumers overseas slashed spending in response to central banks' aggressive rate hikes to tame inflation.teeters on the brink of recession
Imports fell 7.5% last month compared with a 10.6% decline in November, better than a forecast 9.8% decline. After three years, Chinese authorities have finally removed anti-virus curbs that disrupted port logistics and shut down factories in key manufacturing hubs. Chan expects more policy support for property developers and households to help bolster domestic demand, but added net trade is still likely to be a drag on China's growth this year.Moreover, a substantial share of China's imports are parts for products that are then re-exported, leaving those goods vulnerable to the downswing in global demand.by Reuters expect China's economic growth to rebound to 4.9% in 2023, before steadying in 2024, a Reuters poll showed.
Jin Chaofeng, whose company in the east coast city of Hangzhou exports outdoor rattan furniture, said he has no market expansion or hiring plans for 2023 as he remains cautious about the global demand outlook.
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