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
Canada: 750 pairs of children’s shoes lit by candles at Winnipeg honouring youngest victims of Russia-Ukraine War
Winnipeg/IBNS: A memorial ceremony at the Manitoba Legislature Building on Thursday featured 750 pairs of children’s shoes lit by candles and arranged on the building’s steps to honour the youngest victims of the Russia-Ukraine war.
Mass abduction shocks Nigeria: Bandits storm Catholic School, take 215 students and 12 teachers hostage
Armed bandits attacked a private Catholic school in Nigeria’s north-central Niger State on Friday, abducting 215 students and 12 teachers, according to local media reports.
'You can just say yes': Trump gives jaw-dropping answer on fascism to Mamdani!
Washington DC/IBNS: A surprise intervention from his staunch opponent US President Donald Trump saved New York City's new and first Muslim Mayor-elect Zohran Mamdani from a question on whether he affirms the Republican is a "fascist".
Trump calls meeting with Mamdani ‘productive,’ says he hopes he will be a ‘great Mayor'
US President Donald Trump on Friday called his meeting with New York Mayor-elect Zohran Mamdani “very productive,” signalling an end to the sharp exchanges that had marked the election campaign.
Latest News
Unprecedented tragedy: US records first death linked to H5N5 bird flu
Highest in Tripura, 420 lawyers receive certificates in single day from Tripura Bar Council
BLO under 'immense SIR pressure' found dead in Bengal — Mamata's explosive charge against ECI
North East shares strong bond of unity despite diversity: CM
