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China sends January exports into the red

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China sends January exports into the red

In detail

In January 2024, a cyclical reduction for both flows is estimated for trade with non-EU27 countries, larger for imports (-8.7%) than for exports (-4.5%).The contraction on a monthly basis of exports is due to lower sales of capital goods (-9.2%) and intermediate goods (-8.3%); On the other hand, sales of energy (+13.2%) and durable (+0.6%) and non-durable (+1.4%) consumer goods increased. On the import side, cyclical reductions are noted for all groupings; the largest for energy (-12.8%) and durable (-11.9%) and non-durable consumer goods (-9.7%). In the November 2023-January 2024 quarter, compared to the previous one, exports decreases by 2.1%; with the exception of durable consumer goods (+7.4%), the reduction concerns all groupings and is very marked for energy (-21.8%). In the same period, imports recorded a decline of 7.1%, generalized and larger for energy (-14.1%). On an annual basis, in January 2024, exports fell by 1.2% (it was -7.0% in December 2023). The decline is determined by the reduction in sales of intermediate goods (-14.8%), in particular, and of non-durable consumer goods (-1.4%). Imports recorded a trend contraction of 19.4%, contributed by the reduction in purchases of all groups and, mainly, of energy (-35.8%) and intermediate goods (-16.6%).

In January 2024 the trade balance with non-EU27 countries is positive and equal to +2,889 million (-1,386 million in the same month of 2023). The energy deficit (-4,410 million) is lower than a year earlier (-7,488 million) and the surplus in the trade of non-energy products increases from 6,102 million in January 2023 to 7,299 million in January 2024.

In January 2024, there was a marked contraction on an annual basis in exports to China (-46.2%). However, there was a clear increase in sales to ASEAN and OPEC countries (+26.4% for both), Japan (+19.9%) and the United States (+14.4%).Except from the United States (+ 24.5%) and Turkey (+16.2%), imports from all the main non-EU27 partner countries are decreasing on an annual basis. The most marked trend reductions concern purchases from Russia (-79.6%), ASEAN countries (-27.9%), OPEC countries (-21.8%), China (-21.6%) and MERCOSUR countries ( -20.0%).

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