China’s Trade January-February 2023

According to data from China's General Administration of Customs on March 7, exports to the rest of the world decreased by 6.8% year-on-year in the January-February 2023 period, and imports fell by 10.2%, following the slowdown in the global economy and weakening in domestic demand.

China's trade surplus rose to USD 116 billion in the January-February 2023 period from USD 109 billion in the same period the previous year.

There has been a decrease in trade with advanced economies, while trade with emerging regions such as Southeast Asia, South America, and Russia has increased. Despite reducing global exports, Beijing has increased exports to Singapore, the Philippines, Thailand, South Africa, and Brazil.

China's top trading partners remain the ASEAN, with trade amounting to USD 138 billion, the European Union with USD 123 billion, and the US with USD 101 billion. The trade surplus with the United States reached USD 41 billion in the year's first two months.

China recorded an increase in imports in yuan from Italy, despite a decrease in overall imports from the rest of the world.