For the first time in more than two years, China’s exports and imports both fell in December compared with the previous year. This reflects the drop in trade with the U.S., as well as reduced domestic consumption.
This was notable reflected in the exports of cellphones, which fell 31%. The reduction in trade is likely to affect China’s economy as a whole, which has been sustained by firm exports since 2017.
Meanwhile, car sales in China, the world’s largest market, fell for the first time in nearly three decades last year.