2024-01-12 07:48:24
Conversely, trade between China and the United States experienced its first decline last year since 2019, in a context of geopolitical tensions between the two leading economic powers. In 2023, China and the United States exchanged $664.4 billion worth of goods and services. This is a decline of 11.6% over one year.
Low growth
The last annual contraction dates back to 2019, a consequence of the trade war launched once morest Beijing by former US President Donald Trump.
Trade between the two countries subsequently surged during the Covid-19 pandemic, with China then the main global supplier of products once morest the coronavirus. In 2022, trade between Beijing and Washington reached a record level of $759.4 billion.
Exports are historically a key growth lever for China and their performance has a direct impact on employment for thousands of companies in the sector. Last year was marked by nine months of decline in Chinese exports.
Logically, over the whole of 2023, all of the Asian giant’s exports contract (-4.6%), according to customs dollar figures. This is their first decline since 2016. In 2022, sales of Chinese products and services worldwide had increased by another 7%.
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