China's export drops for first time in seven years
China's exports are witnessing a downfall for the first time since 2016 after demand for Chinese-made goods slowed down, media reports said.
Officials told CNN that the slump will be difficult to shake off in 2024.
China is struggling to stem deflationary pressures.
China, the world's second-largest economy, witnessed its consumer price inflation in 2023 touching its weakest point in 14 years.
The consumer price index for December improved slightly from November, but was down 0.3% on the same month in 2022, the National Bureau of Statistics said Friday. For 2023 as a whole, prices were up by just 0.2 percent over 2022, the weakest reading since 2009, when CPI fell by 0.7 percent as a global recession hit, reported CNN.
Exports measured in US dollar terms stood at $3.38 trillion in 2023, down by 4.6 percent compared to the year before. In 2022, Chinese exports increased by 7% from the year earlier, the American news channel reported.
In 2016, China registered a decline in overseas shipments when exports dropped by 7.7 percent.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
Donald Trump mocks Emmanuel Macron, claims tariff threat forced France to hike drug prices
US President Donald Trump on Tuesday mocked French President Emmanuel Macron while claiming that he coerced France into sharply raising its prescription drug prices by threatening steep tariffs on French imports.
US seizes Russian-flagged oil tanker in North Sea after a two-week pursuit
The United States has seized a Russian-flagged oil tanker, Marinera, in the North Sea after tracking the vessel for more than two weeks, despite reported efforts by Moscow to protect it with naval escorts.
Bangladesh weighs JF-17 fighter jet deal with Pakistan as defence ties reset—What it means for India
Bangladesh is actively assessing the possible acquisition of JF-17 Thunder fighter jets from Pakistan following high-level air force talks in Islamabad.
European allies draw up contingency plan as Trump rekindles Greenland takeover threat
Paris/Berlin/IBNS: European allies, including France and Germany, are quietly working on a coordinated response plan amid renewed concerns that the United States could act on President Donald Trump’s stated ambition to take control of Greenland.
Latest News
Donald Trump mocks Emmanuel Macron, claims tariff threat forced France to hike drug prices
CM stresses time-bound completion of infrastructure projects
BJP leader Kanai arrested for vandalising party office
US seizes Russian-flagged oil tanker in North Sea after a two-week pursuit
