While exports of regional competitors are increasing, China’s exports have been decreasing for 6 months

Chinese‘s exports have been declining for 6 months.

According to data from the General Administration of Customs of China, the country’s exports in October decreased by 6.4 percent compared to the same month last year, reaching 274.8 billion. dollar occurred at the level.

After decreasing by 6.8 percent on an annual basis in the first 2 months of this year, exports increased above expectations with 14.8 percent in March and 8.5 percent in April, 7.5 percent in May, 12.4 percent in June, 14.5 percent in July, It decreased by 8.8 percent in August and 6.2 percent in September.

With the 6.4 percent decline in October, the downward trend in the country’s exports continued for the 6th month.

Analysts predict that the decline in exports will continue in the coming months due to the weak global demand for export products.

EXPORTS OF REGIONAL COMPETITORS INCREASED

It is evaluated that the continuing downward trend in exports in China may be a sign of structural changes as well as a change of route of investments and supply chains in the region following the Covid-19 epidemic.

Exports of Vietnam, which has been seen as an alternative investment destination to China in the field of manufacturing in recent years, increased by 5.9 percent on an annual basis in October. The country’s exports had also increased in the previous month.

Japan and South Korea also reversed the downward trend in their exports in autumn.

While Japan’s exports increased after three months in September, USA and it was observed that automobile exports to Europe reached their previous level again. South Korea’s exports increased by 5.1 percent in October, thus ending the downward trend in the last year. The country recorded an increase in key export items, especially the machinery industry.

China’s exports to the Association of Southeast Asian Nations countries, its largest trading partners, decreased by 15.1 percent on an annual basis in October. Exports to the USA decreased by 8.2 percent, continuing the downward trend in the last 15 months.

IMPORTS INCREASED FOR THE FIRST TIME AFTER 8 MONTHS

China’s imports increased by 3 percent in October compared to the same month last year, reaching 218.3 billion dollars.

After decreasing by 10.2 percent on an annual basis in the first 2 months of the year, imports showed a recovery trend with a decrease of 1.4 percent in March, but decreased by 7.9 percent in April, 4.5 percent in May, 6.8 percent in June, 12.4 percent in July and 1.4 percent in August. It decreased by 7.3 percent and 6.2 percent in September.

While the increase in imports in October is seen as a result of the revival in domestic demand, it is doubtful that it will be able to achieve stable growth in the medium term due to the decline in the value of the Chinese yuan.

The country’s foreign trade surplus also decreased in October compared to the previous month. The foreign trade surplus, which was 68.4 billion dollars in September, was calculated as 56.5 billion dollars in October. (AA)