Chinese exports: against the backdrop of risks of global recession, first decline since 2020
Workers at the port of Qingdao, in Shandong province, eastern China, in 2017 (photo illustration).
PA
Text by: RFI Follow
1 min
Health restrictions weighed heavily on Chinese trade figures.
Result: first decline in exports since 2020. The outlook is not good due to the risks of a global recession.
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Chinese exports fell 0.3% in October.
A sharp decline compared to September.
They had then increased by 5.7%.
The threat of recession in the United States and Europe, combined with soaring energy prices, is indeed weakening global demand for Chinese products.
Bad figures also on the import side.
China is pursuing a very strict policy against Covid, with massive confinements, screenings and mandatory quarantines.
These measures generate a lot of uncertainty and constitute a brake on activity and consumption.
This deterioration in health conditions is reflected in a sharp decline in purchases of foreign products.
Chinese imports thus fell by 0.7%.
According to experts, this downward trend should become more pronounced in the coming quarters.
The “zero Covid” policy should continue at least until March 2023.
All of this could further weigh on economic growth, employment and investment in China.
►To re-read: China: will Beijing relax its “zero Covid” policy?
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