China's foreign trade has declined, yet not with everyone

The Middle Kingdom's imports and exports have declined significantly. China's total imports and exports for the first 10 months of 2023 have dropped overall by 6.5 percent and 5.6 percent, respectively.

According to the General Administration of Customs of China, in October 2023, the exports with the European Union (hereinafter – 2023 vs. 2022; exports first, then imports) have decreased by 10.6 percent, imports – by 1.3 percent; with the United States – by 15.4 and 5.8 percent; with the Association of Southeast Asian Nations (ASEAN) – by 5.3 and 4.7 percent; with Japan – by 8.6 and 15.4 percent, respectively.

While the aggregate exports from the PRC are dropping, China's share in total Asian exports in value terms has remained almost the same since 2017, at around 36%.

According to the CTS statistics service, China's share in total containerized imports from Asia to North America has dropped from 65% to 60% since 2019. However, in all other export markets, on the contrary, China has increased its share: the share of shipments from China in total containerized imports of Latin America has increased from 75% to 80%, Africa – from 67% to 76%, and the Persian Gulf – from 66% to 75%.

The China-Russia turnover in January–November 2023 has increased by 26.7%, amounting to 218.17 billion dollars.