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China’s Full Year Exports Stumble for the First Time Since 2016

China’s Full Year Exports Stumble for the First Time Since 2016

China’s exports posted the first full-year decline since 2016 as global demand faltered and prices fell, reports Caixin.

The country sold US$3.38 trillion worth of goods to the rest of the world last year, a 4.6 per cent drop from the record a year earlier.

Shipments soared during the COVID crisis as people stepped up purchases as they worked from home, but demand from Europe, the US and elsewhere faded as interest rates rose and the inevitable market correction took place.

Full-year imports fell 5.5 per cent, leaving a surplus of $823 billion for the year.

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