China Posts Higher-than-Expected Exports Growth in December, But Overall Decline for 2023

China’s exports rose by 2.3% year on year in U.S. dollar terms in December, more than the 1.7% increase forecast by a Reuters poll. However, exports fell 4.6% for the year, while imports dropped 5.5%. The decline in imports was slightly less than the 0.3% increase expected by analysts.

Demand for Chinese goods has fallen amid slower global growth, leading to a decline in trade with major partners. The Association of Southeast Asian Nations was China’s largest trading partner on a regional basis, followed by the European Union. The U.S. remained China’s largest trading partner.

Russia was a rare bright spot, with Chinese exports to the country climbing nearly 47% and imports rising almost 13%. Chinese manufacturers anticipate production to rise in 2024 amid forecasts of firmer global demand, higher client spending, and new product investment.

Autos have been a bright spot in China’s recent trade data, with the country expected to have surpassed Japan as the world’s largest exporter of cars in 2023. Rapid growth in the electric car market and demand from Russia have helped boost China’s auto exports.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

Autos have been a bright spot in China’s recent trade data, with the country expected to have surpassed Japan as the world’s largest exporter of cars in 2023. Rapid growth in the electric car market and demand from Russia have helped boost China’s auto exports. Sarah Tan, economist at Moody’s Analytics, noted that after Russia’s invasion of Ukraine in February 2022, many auto manufacturers had left the country, only to have that gap filled by Chinese manufacturers. In the first eleven months of 2023, auto shipments to Russia rose about six times that of 2022 in value terms.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist Larry Hu expects exports to rise 2% in 2024 after falling 5% in 2023.

The report also noted a decline in the employment sub-index, with firms often opting not to replace voluntary leavers or trimming headcounts as demand was more subdued than expected. Macquarie’s Chief China Economist