China's Trade Slows in 2023 But EV Exports Surge
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China's exports fell 4.6% in 2023, the first annual decline since 2016, as global demand slowed. Imports also dropped 5.5%.
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December exports rose 2.3% year-over-year, the second straight monthly increase, suggesting some improvement in demand.
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The U.S. remained China's top trading partner in 2023, though total trade value fell 11.6%.
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China's auto exports surged 69% by value in 2023, with electric vehicles accounting for a third of vehicles exported.
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China likely surpassed Japan to become the world's largest car exporter in 2023, driven by EVs and demand in Russia.