Chinese trade data have exhibited some unusual patterns in recent months – including a sharp jump in export volumes in March, at a time demand for goods in most advanced economies has been slowing. Beyond this short-term spike, there has also been a noticeable decline in the share of China’s exports being delivered to its major trading partners since early 2022 – although it is too early to know if this represents a short-term anomaly or a permanent shift in the direction of trade.

For further details, please see the China Economic Update (June 2023)