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Foreign trade crashes

Empty terminals – and the containers are also often without cargo: the underutilized port of Ganzhou City in the Province of Jiangxi.

Most economists were well aware that China’s economy is not in the best of shape, considering the numerous lockdowns throughout the country. But the magnitude still surprised many: Last month, China’s foreign trade suffered the worst slump since the start of the Covid pandemic in February 2020. It dropped by 9.5 percent year-on-year, according to the General Administration of Customs. The deficit in exports was minus 8.7 percent, while imports fell by as much as 10.6 percent.

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