China’s exports suffered the sharpest decline in almost three years in December, piling on further economic pressure as policymakers in Beijing grapple with sluggish economic growth and a nationwide outbreak of COVID-19, reports the Financial Times.
Exports declined 9.9% year on year in dollar terms in December, according to official data released on Friday by China’s general administration of customs, worse than November’s 8.7% fall but slightly outperforming expectations of an even greater contraction. Imports slid 7.5% last month, up from a 10.6 drop the month before.
For the full year, China’s trade surplus hit a record of $878 billion on the back of a pandemic-era boom that boosted its exports. But exports have now declined year on year in each of the past three months as global demand slowed and COVID outbreaks swept through the country.
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