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

UN Pays Tribute to Indian Soldiers

Thursday was observed as the 77th UN Peacekeepers Day, honouring the work of 61,353 peacekeepers, of whom 5,375 hailed from India….reports Asian Lite News Brigadier Amitabh Jha and Havildar Sanjay Singh, who

Modi’s New Warfare Playbook

Modi has upended the old playbook and India and Pakistan are entering dangerous new territory where nuclear deterrence is no longer a guarantee against conventional conflict…writes Collins Chong Yew Keat The India-Pakistan

Turkey’s Jet Roars, West Watches

It is visible that Turkey is intentionally reducing reliance on U.S. and Western military imports, especially F-16s and the failed F-35 partnership, to achieve strategic independence….writes Ankit V In 2016, Ankara announced

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause
Go toTop

Don't Miss

Taliban dy chief meets Chinese envoy in Kabul

China has kept the embassy in Kabul open after the

China Registers Population Decline For Second Straight Year

While this expansion marks a significant pick-up over 2022, when