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The original was posted on /r/worldnews by /u/Shina_lu_chan_pooh on 2024-01-14 18:18:38.
China’s double whammy: Exports fell for the first time in 7 years, as domestic demand dips
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2024/01/12/business/china-exports-drop-intl-hnk/index.html
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Exports for the year as a whole fell for the first time since 2016 as global demand for Chinese-made goods (other than cars) slowed, according to customs data released on Friday.
“The global economic recovery has been weak in the past year,” Lyu Daliang, a spokesperson for the General Administration of Customs, told a Friday press conference in Beijing.
He expects China will continue to face “difficulties” on export markets as global demand is likely to remain weak and “protectionism and unilateralism” hinder growth, he added.
Looking ahead, analysts from Capital Economics expect core inflation to rise slightly, helped by a cyclical recovery in the Chinese economy.
ASEAN, the 10-member bloc in Southeast Asia, and the European Union accounted for 15.4% and 13.2% of total trade with China, the Chinese customs figures showed.
“Looking to the future, we believe that China’s auto industry still has a strong comprehensive competitive advantage and can continue to provide more and better innovative products to meet the needs of global consumers,” he added.
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