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China Exports in US dollars fell 12.4% in June, worse than expected, the worst since February 2020

Fortune Insight

Thursday, July 13, 2023


Mainland China's US dollar-denominated exports fell by 12.4% year-on-year in June, far below the expected decline of 9.5% and the 7.5% decline in May, indicating that mainland exports are still weak. This decline is also the largest since February 2020. At that time, the new crown epidemic was breaking out on a large scale in countries around the world.

Imports in dollar terms fell 6.8% year-over-year in June, also missing expectations for a 4% decline and May's 4.5% decline.



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In the first six months of this year, in terms of US dollars, exports fell by 3.2% year-on-year, while imports fell by 6.7% year-on-year.


Lu Daliang, spokesman of the General Administration of Customs, said that with regard to foreign trade in the second half of the year, he feels both pressure and confidence. At present, inflation in major developed economies is still at a high level, geopolitical conflicts continue, short-term external demand is insufficient to pick up momentum, and China's foreign trade growth is still under great pressure. But at the same time, we must also see that China's economic resilience, great potential, and long-term positive fundamentals have not changed. With a series of policy measures continuing to make efforts, we are confident, have the foundation, and have the conditions to realize the goal of promoting stability and improving the quality of imports and exports.

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