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China's exports fell by 0.3% in October 2022 compared to 2021: Report

ANI | Updated: Dec 29, 2022 21:47 IST

Beijing [China], December 29 (ANI): China's exports fell by 0.3 per cent in October 2022 from a year ago in dollar terms, missing analysts' expectations for a decent increase, according to the Financial Post which also said there has also been a drop in the value of goods sold to the United States and the European Union.
"China's exports to its largest trading partner, the US, fell by 12.6 per cent in October, a third-straight month of decline. Exports to the EU were down by nine per cent," the report by the US based media organisation said.
The US and Europe were forced to squeeze the money supply in their respective economies amidst high inflationary pressure. The US Federal Reserve, while ignoring recessionary trends, is resorting to aggressive interest rate hikes. Pressure is being felt in China.
Barclays, a British multinational universal bank, predicted that in 2023, amidst global recession, China's exports will drop by two per cent to five per cent. The bank cut the 2023 GDP forecast for China from 4.5 per cent to 3.8 per cent in September due to a decline in the property sector.
"Property contributes to nearly one-third of China's GDP," according to The Financial Post report.

The report also said: "Clearly, the Chinese economy is in the doldrums and, that is admitted by none other than the outgoing Vice-Premier Liu He, who was instrumental in shaping Beijing's economic policies over the past decade. And, that takes us to the second and more important development."
China faces a once-in-a-generation economic challenge and the Chinese Communist Party's (CCP's) decisions will significantly shape the lives of the country's 1.4 billion people.
This indicates that Chinese President Xi Jinping foresees in his third term that China would be facing the most serious geopolitical and other challenges in the next five years, reported Geopolitica.info.
Amid COVID-19 outbreaks, China's economy will unlikely move into the "highest gear in the near term," The Japan Times reported. This comes even as China is the last among major countries which do not treat COVID-19 as endemic.
As per the news report, China's economy could come out of isolation in 2023. However, many businesses in China, particularly customer-facing ones, are afraid that they might not be able to survive till next year as China is still fighting some of the biggest outbreaks.
If China reconnects with the global market in 2023, the country's economy will recover from its slowdown in decades and the prospects of a global recession in 2023 could reduce, The Japan Times reported. (ANI)