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China’s trade surplus increased to $75.34 billion in December 2023 from $70.65 billion in the same period the previous year, surpassing market forecasts of $74.75 billion, marking the largest trade surplus in three months, as exports grew more than imports, data from the Customs Bureau showed on Friday.
Exports from China grew 2.3% year-on-year to $303.6 billion in December 2023, following a 0.5% gain in the previous month and beating market forecasts of a 1.7% growth. It was the second straight month of increase in exports, signaling that global trade starting to recover.
Imports to China edged up 0.2% year-on-year to $228.2 billion in December 2023, compared with market forecasts of a 0.3% rise and following a 0.6% fall in the prior month. The latest figure highlighted that a recovery in domestic demand was fragile despite supportive measures from the government to spur consumption.
The trade with the US was at $664 billion in 2023, down 11.6% from 2022, the first decline since 2019.
Meanwhile, trade between China and Russia reached more than $240 billion, hitting a record high in 2023.
For the 2023 full year, the country posted a surplus of $823 billion, with exports falling 4.6% y/y to $3.38 trillion while imports dropped 5.5% to $2.56 trillion.
Inflation data released earlier in the day showed, China’s economy remains deflationary as consumer prices fall for third straight month in December.
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