China’s 2022 foreign trade up 7.7% YoY to new high
China’s foreign trade value climbed by 7.7% on year to hit a record high of Yuan 42.07 trillion ($6.3 trillion) in 2022, passing the Yuan 40 trillion mark for the first time, according to the latest data released by the country’s General Administration of Customs (GACC) on Friday. The result showed that China has remained the world’s largest country in trading goods for six consecutive years, GACC noted.
China’s Dec CPI rises 1.8%, PPI falls 0.7% on year
For December, China’s Consumer Price Index (CPI) went up 1.8% on year but remained unchanged on month, while its Producer Price Index (PPI) dipped 0.7% on year and fell 0.5% on month, according to the latest release from the country’s National Bureau of Statistics (NBS) on Jan 12.
China’s Dec steel PMI recovers to 44.3
The Purchasing Managers’ Index (PMI) for China’s steel industry scored 44.3 in December, or having rebounded by 4.2 percentage points on month after two months of drops, with the pace of decline in both steel supply and demand slowing down, prices of steelmaking raw materials rebounding, and finished steel prices spiralling up, according to the new release by the official index compiler, CFLP Steel Logistics Professional Committee (CSLPC).
Chinese economy seen recovering from bottom in ’23
After touching a marked low during this year’s current quarter, China’s economy is likely to rebound in 2023, Xu Wei, deputy director of the department of macroeconomic research under the State Council’s Development Research Center, predicted at Mysteel’s annual conference in Shanghai on December 30.
China’s plug-in hybrid electric vehicle market to sustain boom in 2023
With China’s gradual phase-out of subsidies on new energy vehicle (NEV) purchases, the price-performance advantage of plug-in hybrid electric vehicles (PHEVs) is becoming prominent. China’s PHEV market first boomed in 2021, with annual sales of 577,000 units, soaring 171.4% from a year ago. In 2022, China’s PHEV market maintained its upward momentum, and the sales in most months of the year achieved positive on-month growth except for a decline in April due to the impacts of widely circulating COVID-19 infections across the country. After September 2022, the sales of PHEVs showed an inflection point as the vehicle purchase cycle came under the downward pressure. Nonetheless, the PHEVs’ penetration rate was decent. In November 2022, the sales of PHEVs reached 163,100 units in China, whose penetration rate was 9.9% in the passenger vehicle market and market share was 24.9% in the NEV market, with both readings hitting record highs.
Source from mysteel.net
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