The giant Foxconn factory, an emblematic victim of public health policies, is reducing its iPhone production.
This is a first since 2020 and the start of the Covid-19 epidemic. China’s exports fell by 0.3 percent to 85.6 billion euros in October, the customs authority said on Monday. So far, overseas sales have been robust. In September they were still 5.7% above the previous year. Imports are also declining.
The looming recession in the United States and Europe, inflation, rising energy prices, general interest rate hikes and a global economic slowdown are weakening demand for Chinese products. So much so that exporters in China have not really benefited from either the ongoing weakening of the yuan since April or from year-end buying.
Also read Nicolas Baverez: “Fortress China”
However, Beijing’s trade is not deteriorating with all countries. Exports and imports between China and Russia rose more than 30% last month. And senior diplomat Wang Yi claimed in late October that the…
This article is for subscribers only. You still have 68% to discover.
Cultivating your freedom means cultivating your curiosity.
Continue reading your article for €0.99 for the first month
Already subscribed? registration