China imports, exports plunged in December

BEIJING

China’s exports in December 2022 fell at their fastest pace since 2020, according to official figures released on Jan. 13, owing to a drop in global demand and after health restrictions hit the economy hard.

The world’s second-largest economy is still reeling from the effects of years of its zero-COVID policy, which hammered businesses and supply chains and dampened consumption. China began lifting most of the hardline measures at the beginning of last month, but the country has since seen a massive spike in COVID-19 infections.

Exports fell 9.9 percent year-on-year to $30.6 billion, China custms said their second consecutive month of decline and the biggest fall since the early days of the pandemic in 2020.

Imports were also down again in December, sinking 7.5 percent, following a 10.6 percent drop the previous month, showed data.

For all of 2022, the Asian giant’s exports rose 7 percent, a sharp slowdown from the 29.9 percent jump seen in the previous year

Imports were up 1.1 percent, well down from the 30.1 percent rise in 2021.