Chinese Exports and Imports Decline in 2023 Amid Economic Crisis

Despite overall downturn, trade with Russia hits record high; signs of recovery emerge with December rebound in exports.

Chinese exports fell by 4.6% in 2023, marking the first decline since 2016, due to a slowdown in global demand for Chinese-made goods.
Imports also fell by 5.5% to USD 2.56 trillion, leaving China with a trade surplus of USD 823 billion.
Despite the overall decline, trade with Russia hit a record high in 2023, increasing by 26% from the previous year.
China's exports began to rebound in December, growing by 1.7% from a year earlier, signaling a potential recovery in global trade.
Consumer price inflation in 2023 was the weakest in 14 years, reflecting the struggling Chinese economy.