China’s Global Exports Drop 1st Time in 7 Years, Exports to US Tumble 13 Percent

The export decline comes as the Chinese economy is expected to register a lower GDP growth rate in 2024.

People are seen on screens from closed circuit television security cameras at the World Artificial Intelligence Conference in Shanghai, China, on July 6, 2023. Wang Zhao/AFP via Getty Images

Exports from China dropped by nearly 5 percent in 2023 as demand from Western nations waned over the past year, with the United States leading with a 13 percent decline.

China’s exports for 2023 totaled $3.38 trillion measured in dollar terms, which is down 4.6 percent compared to the previous year, according to Chinese customs data cited by media outlets. The 4.6 percent decline comes after exports surged by 7 percent in 2022. Beijing saw a fall in exports last time in 2016 when it decreased by 7.7 percent. Chinese shipments grew during the COVID-19 pandemic as consumers in Western nations splurged under lockdown. But as demand from the United States and Europe waned over the past year due to rising interest rates, Chinese exports cooled down.