China’s General Administration of Customs released import and export figures for the first two months of 2023 on March 7, admitting that imports and exports had fallen year on year (YOY) and manufacturing exports had fallen across the board.
According to the official data, China’s exports fell 6.8 percent from a year earlier to $506.3 billion in January-February. Imports totaled $389.4 billion, down 10.2 percent year on year. The trade surplus was $116.9 billion, up 0.8 percent from $116 billion year on year.
Exports of the Largest Categories of Products Fell Sharply
Mechanical and electrical products have long been China’s largest category of exports, with official figures saying exports increased by 7 percent YOY in 2022. Nevertheless, in the first two months of 2023, China’s exports of mechanical and electrical products ($294 billion, or 58 percent of China’s total exports) fell 7.2 percent from the same period in 2022….