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Xi's marathon trade parade fell short [1]
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Date: 2023-05-12
Published: 12:22am, 12 May, 2023
The import figure is a worry, (imports fell 7.9 per cent in April 2023), and not just because it failed expectations. Since China sits in the middle of global supply chains, it imports components for its assembly lines and exports the final products. The sharp decline in imports therefore means that going forward, exports too will probably be affected. Chinese factories tend to order fewer imports when they get fewer export orders. But there is a time lag between the two, meaning April’s import slump is likely to be reflected in export figures in a month or two. That is not all that ails the global supply chain. The United States’ attempt to fence off China is another factor, forcing the mainland to rely more on its own technology and reduce reliance on Japan or South Korea for parts.
In spite of the infamous container backlog on the California cost and the disrupted supply chain elsewhere in 2021, China made a strong recovery coming out of its COVID lock-downs. The recovery got staying power from China’s abandoning of its COVID Zero Tolerance in December 2022. January-February 2023 industrial output showed a 2.4% increase over 2022.
However, Biden's decision to limit China’s access to certain technologies in October 2022 is beginning to take hold across China’s major export Industries as forecasted in 2023:
China’s top exports in 2021 — OEC
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