August 9, 2023
1 min read

China’s exports fall again, impeding Its economic recovery

Mexico and Canada surpassed China this year as the United States’ top trading partners…reports Asian Lite News

According to government data released on Tuesday, China’s trade numbers decreased in July, an indication that the country’s economic recovery was dragging despite efforts by leaders in Beijing to boost development, according to the New York Times.

After the United States, China has the second-largest economy in the world, and its exports have now plummeted three months in a row, while imports have fallen five months in a row. The figures are a reflection of weakening domestic and foreign demand for Chinese goods, a real estate crisis, and geopolitical tensions, especially the conflict in Ukraine.

China’s exports dropped 14.5 per cent in July from the same point last year, the biggest decline since February 2020, when the coronavirus pandemic sent the world into lockdown and tangled global supply chains. Imports fell 12.3 per cent in the same period, New York Times reported.

In the first seven months of the year, exports to the United States declined 18.6 per cent from a year earlier, while shipments to the European Union fell 5 per cent. Exports to Russia, which has been hit with Western sanctions over its invasion of Ukraine, increased more than 70 per cent.

Mexico and Canada surpassed China this year as the United States’ top trading partners, as American companies seek to bring their supply chains closer to home. Foreign investment in China dropped more than 80 per cent in the second quarter from a year earlier, according to Chinese government data released Friday, New York Times reported.

Officials in Beijing have been trying to foster a rebound from an economic slump after nearly three years of pandemic restrictions. After China ended its lockdowns last December, many expected the economy to bounce back, but recovery has been halting, New York Times reported.

A real estate crisis and weak spending by consumers have put pressure on Beijing to increase exports to help stabilize the economy. But the trade numbers released on Tuesday suggest that weak demand may exacerbate a global slowdown. (ANI)

ALSO READ: China objects to ‘Vasudhaiva Kutumbkam’ mention in G20 papers

Previous Story

China urges Philippines to tow its vessel from Ren’ai Reef

Next Story

Indian army chief attends prestigious UK sovereign’s parade

Latest from -Top News

Relief for Students: US Visa Cancellations Paused

More than 1,500 student visas have been cancelled so far…reports Asian Lite News The United States on Friday abruptly paused the cancellation of student visas issued to international students, according to reports.

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist

Vatican Hosts Final Rites for Pope Francis

The Argentine-born pontiff, the first from Latin America, died less than a month after returning home from a prolonged five-week hospitalisation for double pneumonia….reports Asian Lite News In an outpouring of global
Go toTop

Don't Miss

Joint patrols with US underway in South China Sea, says Marcos

The Philippine leader’s announcement comes amid a rapid strengthening of

Hong Kong activist Jimmy Lai convicted for illegal assembly

Lai, Gwyneth Ho and Chow Hang Tung were convicted for