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China’s exports suffer reversal of fortune as world shakes off Covid lockdowns

Shift in global consumption back to services threatens Beijing’s ability to reach growth target

In 2020 and 2021, when the coronavirus pandemic forced much of the world’s population to spend more time at home, Chinese exports of laptops grew by double digits.

The boom was one example of how China’s economy benefited from shifting global demand as governments around the world imposed Covid-19 restrictions, crippling spending on restaurants, travel and other services and encouraging purchases of goods.

But this year, China’s shipments of laptops have slumped 16 per cent year on year, reflecting a trend of weakening growth in its exports, which may now even be on course to decline.

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