China's Exports Dip for First Time in 7 Years, but December Surpasses Expectations 🚢

China's exports grew 2.3% year-over-year in December, beating estimates of 1.7% growth. Imports rose 0.2% year-over-year versus an expected 0.3% increase. However, annual exports fell 4.6% in 2023, marking the first decline since 2016. Imports were down 5.5% for the full year. Demand for Chinese goods slowed in 2023 amid weaker global economic growth, impacting trade with key partners. The US remained the largest export market. Exports to Russia surged nearly 47% in 2023, helping offset declines elsewhere, as Chinese manufacturers filled the void from Western firms leaving post-invasion.