Chinese exports dropped 6.8% from a year earlier to $506.3 billion in January-February 2023 combined, according to China’s General Administration of Customs. It was an improvement over December’s 10.1% decline and compared with market consensus of a 9.4% decline.
Adding to government worries that an international downturn will weigh on the country’s recovery, exports were down for a fourth straight month amid a continued weakness in foreign demand, the administration said.
Sales fell for unwrought aluminum and products (-14.8%) and rare earths (-5.7%), but increased for refined products (74.2%) and steel products (49%).
Exports to the United States dropped 21.8%, while those to the European Union and Japan fell 12.3% and 1.6%, respectively. Sales to Association of Southeast Asian Nations were up 9%, while sales to Russia rose 19.8%.
In November, Chinese industrial production and retail sales also fell well short of expectations.
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