Chinese Export Focus Shifting
Chinese exports to the Group of Seven (G7) industrial nations have seen a notable 7% decrease between March 2022 and August of this year, according to Geneva-based Trade Data Monitor. Meanwhile, recent data from the U.S. Census Bureau highlights that China’s share of U.S. goods imports has reached its lowest point since 2006 in the 12 months through July. While the U.S. remains China’s largest export market, Beijing is actively diversifying its trade relationships, with a growing focus on nations that align more closely with its geopolitical objectives. These nations include Singapore, Kazakhstan, Saudi Arabia, Turkey, Uzbekistan, United Arab Emirates, and Kyrgyzstan.
Trade between Europe and China continues to maintain its strength, although certain vulnerabilities are becoming evident. Over the past 18 months, Chinese exports to Germany and the U.K. have both experienced nearly a 7% decline when compared to the corresponding period leading up to a significant geopolitical event.
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