China's merchandise exports witnessed a robust 8.6 per cent increase, marking a recovery from a 7.1 per cent drop in Q4 2022. However, China's imports continued their downward trend, with a 0.7 per cent decrease, due to declining energy prices among other things.
Exports increased by 1.0 per cent in the United States, 1.2 per cent in Canada, and 1.2 per cent in Mexico. Europe too, saw an encouraging 3.0 per cent uptick in exports, driven by surges in machinery shipments from economic powerhouses France, Germany, and Italy. However, EU imports dipped by 1.1 per cent, largely attributed to falling energy prices, the OECD said in a press release.
In contrast, the United Kingdom's export scenario remained stable, with increased machinery and transport equipment sales being balanced out by reduced shipments of chemicals and fuels. The UK import sector, however, experienced a steep plunge.
The Japanese and Korean markets showed subdued export growth after several weak quarters, while lower sales of primary commodities affected exports from Argentina, Indonesia, and Australia.
ALCHEMPro News Desk (KD)
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