According to the General Administration of Customs of the People’s Republic of China, the export volume from China amounted to $281.8 billion at the end of July, having decreased by 14.5% compared to last year. The analysts surveyed by Reuters expected that the decrease in exports at the end of the month would amount to 12.5%.
Imports to China also dropped significantly by 12.4%, reaching $201.2 billion. This has been the sharpest decline since May 2020. The divergence in the forecasts in terms of imports appeared to be even more significant than in the case of exports. Analysts expected a decrease in imports to China by only 5%.
According to the report, exports from China to the USA dropped by 23.1%, and to the EU – by 20.6%. Meanwhile, exports to Russia amounted to $10.28 billion, increasing by almost 52% compared to last year.
China’s imports from the USA decreased by 11.2%, from the EU – by 3%, and from Russia – by 8.1%.
Based on the results of the first seven months of the year, exports from China decreased by 5% in total, while imports dropped by 7.6%.