Chinese Economy In Big Trouble \ stacker news ~bitcoin

155 sats \ 6 comments \ @TomK 9 Aug 2023 bitcoin

It didn't get enough press coverage in my opinion. So I put it here to an audience that can evaluate the importance.

In July, Chinese exports dropped by 14.5% (YoY), following a 12.4% decrease in June, as reported by the country's customs authority. Economists polled by the Wall Street Journal had anticipated a 12.0% decline. Meanwhile, imports decreased by 12.4%, a more significant drop than the 6.8% seen in June, and more than the 5.0% decrease expected by economists.

That's a collapse! Nada mas.

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0 sats \ 1 reply \ @nemo 9 Aug 2023

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42 sats \ 0 replies \ @TomK OP 9 Aug 2023

Let's hope for some reason and change in politics...

0 sats \ 1 reply \ @grayruby 9 Aug 2023

Thanks Tom

10 sats \ 0 replies \ @TomK OP 9 Aug 2023

Un placer. Greets

0 sats \ 1 reply \ @Storyteller 9 Aug 2023

Do you have any significant links with these numbers?

The economies that China exports to, like USA and Europe seem to be close to a recession. Growth has been slowing down.

So it might be the case that they are demanding /buying less of China’s stuff.

0 sats \ 0 replies \ @TomK OP 9 Aug 2023

Maybe this article brings some light into the dark:

https://www.asiafinancial.com/chinas-trade-to-the-us-and-eu-sank-further-in-july-data-shows

Quote: While the weakness in the value of imports reflects poor demand, falls in commodities prices have also exacerbated the headline declines, analysts say.

“Most measures of export orders point to a much greater decline in foreign demand than has so far been reflected in the customs data,” Julian Evans-Pritchard, head of China economics at Capital Economics, said.

“And the near-term outlook for consumer spending in developed economies remains challenging, with many still at risk of recessions later this year, albeit mild ones.”