China's exports fell by 5.6% in January - October 2023, imports by 6.5%

By Rhod Mackenzie
During January-October 2023, China recorded a 5.6% reduction in exports and a 6.5% decrease in imports, as per data released on Tuesday by the General Administration of Customs of the People's Republic of China.

China's exports during the reporting period in annual terms declined to £2.79 trillion while imports reached £2.1 trillion.

The foreign trade volume in dollars for January-October 2023 amounted to $4.89 trillion, showing a 6% decrease compared to the same period in the previous year.
In October, China's foreign trade amounted to $493.1 billion, which reflects a decline of 2.5% compared to October 2022.

During the same period, exports reached $274.8 billion, marking a 6.4% drop from last year, while imports amounted to $218.2 billion, indicating an increase of 3% compared to 2022.

ASEAN, the EU, and the USA retained their positions as the primary trading partners with China from January to October. During the same period, China's trade turnover was $747.3 billion with ASEAN, $655.2 billion with the EU, and $550.7 billion with the USA. The turnover with Latin American countries was $404.6 billion, and with African countries, it was $234.8 billion.

At the end of 2022, China's foreign trade turnover increased by 4.4%, reaching $6.3 trillion. Furthermore, exports experienced a 7% growth to $3.59 trillion, whereas imports saw a slight increase of 1.1%, reaching $2.71 trillion.