Finished! Unable to Sell Anything, Domestic Demand Dead, 70% Goods Dumped Abroad at Low Prices

Recently, preliminary trade data released by China’s General Administration of Customs showed that in November 2023, China’s exports, measured in U.S. dollars, increased by 0.5% year-on-year. This marks the first increase in seven months. Exports to major trade partner, the United States, have seen their first increase since July 2022. Specifically, the total value of exports showed a slight increase, but the growth was not significant. A key reason for this is the rising proportion of discounted goods in exports. According to a report by Nikkei Asia, of the 17 types of commodities whose unit prices can be calculated based on preliminary trade statistics, 71% have seen year-on-year price declines. This ratio has been rising since the autumn of 2022 and has remained high, between 70% and 80%, since May 2023. #chinaobserver All rights reserved.