Chinese reports 12.4% drop in export and 6.8% in import in June 2023

Chinese exports experienced a significant decline in June compared to a year earlier. However, at the same time, the country saw a significant rise in its trade with Russia. According to official data released yesterday, China reported a 12.4 percent drop in exports in June this year compared to June 2022, while imports also fell by 6.8 percent during the same period. This has led to inflation plateauing and prompted the Chinese central bank



to ease monetary policy, putting pressure on the yuan.

 

The decline in Chinese exports has been impacted by both weakened global consumer demand and tensions with the United States. Meanwhile, Bilateral trade between Russia and China's value reached 20.83 billion dollars, driven by China's increased imports of discounted Russian oil, coal, and certain metals.