Due to a slow down in worldwide demands, China Exports full-year reports showed a decrease for the first time since 2016.

China exports were $3.38 trillion in 2023, a 4.6% decline from the previous year.

In 2022, Chinese exports climbed by 7%. China last saw a decline in exports to other countries in 2016, when the country’s export dropped 7.7% as result of low demand.

Chinese economy is the second-largest economy in the world, the economy ended the year 2023 with a $823 billion trade surplus as a result of a 5.5% decline in exports to $2.56 trillion.

Lyu Daliang, a spokesman for the General Administration of Customs, anticipates that slow global demands, protectionism, and unilateralism would continue to be major challenges for exports in 2024.

But December 2023 saw a 2.3% increase in exports, which was a second consecutive month of growth and a sign of a minor uptick in demand for Chines goods abroad.

With bilateral trade making up 11.2% of total trade in 2023, the United States continued to be China’s top business partner.

China’s automobile exports had a 69% increase in value last year, with 5.22 million vehicles delivered in 2023, that is a 57% increase over 2022.

China exports one electric passenger vehicle for every three automobiles.

The Chinese auto industry group thinks it can keep producing cutting-edge goods to satisfy the demand of customers worldwide.

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