China's exports slump for the first time in seven years

China’s full-year exports experienced a decline for the first time since 2016 due to a slowdown in global demand. In 2023, Chinese exports measured at $3.38 trillion, reflecting a 4.6% decrease compared to the previous year. The last time China witnessed a decline in overseas shipments was in 2016 when exports fell by 7.7%. Similarly, imports in 2023 decreased by 5.5% to $2.56 trillion, resulting in a trade surplus of $823 billion for the country. The General Administration of Customs stated that sluggish external demand and the global economic recovery contributed to the decrease in exports. Looking ahead, the spokesperson expects challenges for Chinese exports in 2024 due to weak global demand and trade barriers.