China's exports grew 2.3% year-over-year in December, beating estimates of 1.7% growth. Imports rose 0.2% year-over-year versus an expected 0.3% increase. However, annual exports fell 4.6% in 2023, marking the first decline since 2016. Imports were down 5.5% for the full year. Demand for Chinese goods slowed in 2023 amid weaker global economic growth, impacting trade with key partners. The US remained the largest export market. Exports to Russia surged nearly 47% in 2023, helping offset declines elsewhere, as Chinese manufacturers filled the void from Western firms leaving post-invasion.
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00:00 It's Benzinga and here's what's on the block. China's exports grew 2.3% year over year in
00:05 December, beating estimates of 1.7% growth. Imports rose 0.2% year over year versus an
00:10 expected 0.3% increase. However, annual exports fell 4.6% in 2023, marking the first decline
00:16 since 2016. Imports were down 5.5% for the full year. Demand for Chinese goods slowed in 2023
00:23 amid weaker global economic growth, impacting trade with key partners. The US remained the
00:27 largest export market. Exports to Russia surged nearly 47% in 2023, helping to offset declines
00:34 elsewhere as Chinese manufacturers filled the void from Western firms leaving post-invasion.
00:38 Auto exports, especially electric vehicles, remained a bright spot for China, with 69%
00:43 annual growth in 2023 aided by Russian demand. For all things money, visit Benzinga.com.