The dollar value of China’s exports fell markedly more than expected last month and import growth more than halved, while revisions to November data erased what had appeared to be a long-hoped-for return to growth for outbound shipments.
Exports shrank 6.1 per cent year on year in dollar terms to $209.42bn in December, according to figures from the General Administration of Customs. That fall was 2.1 percentage points more severe than a median of economist estimates and worse than a revised drop of 1.6 per cent (previously 0.1 per cent growth) in November.
Imports grew 3.1 per cent year-on-year in dollar terms to $168.6bn in December after growing a revised 4.7 per cent (previously 6.7 per cent) the previous month. That rate was roughly in line with a median forecast of 3 per cent growth.