China Trade Data for 2023 Released

China’s foreign trade value dropped by 5% to USD5.9 trillion last year, with exports falling by 4.6% to USD3.38 trillion and imports by 5.5% to USD2.56 trillion. The Association of Southeast Asian Nations remained China’s largest trading partner, with an increase of 0.2% to CNY6.4 trillion. Trade with the European Union and the United States declined by 1.9% and 6.6%, respectively. Trade with countries in the Belt and Road Initiative rose 2.8% to CNY19.47 trillion. Russia was a bright spot, with China’s exports to the country climbing nearly 47% in 2023, and imports rising almost 13%.

China exported CNY23.51 trillion of manufactured products last year, with electric passenger cars, lithium-ion batteries, and solar power batteries soaring 30% to CNY1.06 trillion. However, China’s competitive advantages in external trade remain strong despite lackluster overseas demand and uncertainties.

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