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Following far weaker than expected December manufacturing data, which highlighted the negative impact of the trade war, import and export data for the month has now indicated further weakness.

Chinese exports fell 4.4% year over year while imports fell 7.6% year over year in December. Both these figures were well below market forecasts of +2.5% and 0% respectively, with the exports sector marking its most significant decline in two years.

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Foreign Firms Shunning Chinese Components

The breakdown of the data shows weakness in commodity energy goods, such as coal and crude oil, however, significant declines were also seen in some electronics goods ranging from iPhones to automobile parts. Indeed, reductions in electronics were even more severe in the import data.

These latest declines reflect the growing concern that some firms are beginning to actively avoid Chinese ele...

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