China's exports shrank sharply in December as global demand cooled, highlighting risks to the country's economic recovery this year, but a more modest decline in imports reinforced views that domestic demand will slowly recover in coming months.
While imports are expected to ride a wave of pent-up demand after China dropped its tough COVID-19 measures in December, its exports are seen weakening well into the new year as the global economy"The weak export growth highlights the importance of boosting domestic demand as the key driver for the economy in 2023," said Zhiwei Zhang, chief economist at Pinpoint Asset Management, adding markets expect Beijing to announce more policies to support consumption.
Despite the sharp falloff in shipments in the last few months, China's total exports rose 7% in 2022 thanks to its strong trade with Southeast Asian nations as well as an export boom of new energy vehicles. Still, growth was a far cry from a 29.6% gain in 2021. Measures to ease a crippling funding crunch in the property sector, in particular, could revive home sales and boost imports of industrial materials from iron ore to copper.
The economy likely grew just 2.8% in 2022 amid widespread lockdowns, well below the official target of around 5.5%. Fourth quarter and 2022 gross domestic product data data will be released on Jan. 17.Managing Director Kristalina Georgieva said on Thursday she expected China to become a net contributor to the global economy by mid-2023, and urged Beijing to stay the course in reversing its earlier zero-COVID policy.
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