UpdateChina’s exports slump for second year in a row, trade set to be further hit this year
Government warns that sales of Chinese goods and services overseas could be further affected this year amid signs of increasing trade protectionism
China’s exports measured in US dollars fell again in 2016 amid a global economic slowdown, marking a rare two-year drop in Chinese shipments overseas and pointing to a gloomy 2017 amid globally political uncertainties.
Chinese trade officials warned that the country’s US$2 trillion export machine might continue to lose steam as China’s trade partners, notably the US under President Donald Trump, might become more hostile to Chinese products.
China’s exports in 2016 fell 7.7 per cent compared with 2015 in dollar terms, deepening from a 2.8 per cent fall the previous year, despite a weaker yuan that in theory should help Chinese exports, China customs data showed on Friday. Imports fell 5.5 per cent last year.
Exports fell 6.1 per cent in December from the same period the previous year in dollar terms, underperforming a fall of 4 per cent predicted by economists and set against the drop of 1.6 per cent in November.
Imports grew 3.1 per cent last month, in line with market expectations, but lower than the rise of four per cent in November.